The 1940 Census is due to be released on April 2nd, 2012.
Several other geneabloggers have been discussing their plans for research upon its release. I suspect I will be waiting a couple months before I dive in.
1) I am getting married in April. I expect to be busy. (Yes, my fiancee and I are sharing the responsibilities. I'm not the type to relax on the sofa and let her do all the work.)
2) I would actually rather wait for the records to be indexed. There are a handful of ancestors I should be able to find without too much difficulty by browsing the images, because I know where they should be living. I will need to wait for the rest.
I expect I won't be able to resist searching for my parents at some point in April, as a necessary distraction from the wedding plans.