Ok so it was approved just a few days ago but my first theme has been set live within the WordPress.org repository and is free to download for all!
You can find the URL here: http://wordpress.org/extend/themes/luxury
It took me a lot longer than I had anticipated to get everything required to meet the strict standards that the repository enforces for themes. But at the same time, it also makes for better themes. I don’t expect it to become a huge hit but it is a good start for me and the experience doesn’t hurt.
I do plan to release at least one (if not a few more themes) but have to get them coded up first.