We've already discussed how a checklist for reviewing project applications should look like several times, but these discussions never really reached all reviewers and won't reach new applicants at all - but they should to make it easier for them to find their own failures and reviewing applications on their own.
We did a short survey about the current application process some weeks ago in preparation for the session at dc and it turns out that many applicants where/are not only frustrated about the long waiting time - many of them said that they actually don't know where they are currently standing in the process and what exactly they are waiting for.
I've created a small module that makes use of the checklist api and all the discussions we had here on g.d.o, to give reviewers - and applicants - a good overview of the steps the process includes.
You can find it at:
http://ventral.org/pachecklist
I created it in the way I see the process, please read through it, I'm very interested on your opinion.
Resources used:
https://drupal.org/project/checklistapi
http://groups.drupal.org/node/151909
http://groups.drupal.org/node/214463
http://groups.drupal.org/node/184389

Comments
checklist for applicants
Spend some time creating a new child page on the documentation about "Applying for permission to create full projects" today:
https://drupal.org/node/1587704
It is intended for applicants and basically gives all the points mentioned in the documentation and discussions on groups.d.o in a more structured way (hoping this has a preventive effect for new applicants).
I've also cleaned up existing documentation accordingly and removed many duplicating stuff laying around.