Ancestry.com has indexed the complete 1940 census. They haven’t even made the press release but their 1940 census webpage says it is complete. You can now search for those elusive relatives that you couldn’t find by going through each page of a town.
I also looked at the 1940 census page on FamilySearch this morning and it says that the overall progress is at 100%. Not all states have been released as of yet. They index each page of the census twice. Then there is some arbitration of the difference results. That can take some extra time. Expect their press release for their indexing within the next few days.
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Update: An hour later Ancestry.com did issue this press release about their completing the indexing project.