I have applied before....and been rejected.
I applied on 13th December, 2013 and got a response on 19th March 2014. That's about 3 months. Going by the responses here ( 1 month, 2 months), I'm guessing that the team handling the issues then was probably much smaller.
Here's why I was rejected (and why subsequently, I've never been able to walk out of my house again.). Will we get a notification saying why? Yes!! Quoting verbatim:
Inclusion in the listing requires a statement of the license for the themes -- specifically that the themes are 100% GPL compatible -- to be somewhere on the site....
We also look for theme shops to have a focus on support and an established support portal in place for helping their customers. While your site does have a support forum, it appears to be completely unused and there is no other available resources or documentation.
Finally, it does not appear as though there is any activity on your site. One of our requirements is that the site be "up-to-date", by which we mean that the site appears to have some semblance of activity.
The response had a bit more detail that I've edited for brevity. So, have these things off your checklist and I believe that in a month or two, you will be approved.