So, here is the full schedule, from order, to notification, to invoicing to ready for pickup. Hopefully this will give some of you a better idea of what to expect as you eagerly await the arrival of your new computer.
Sunday, June 24th - Placed order through the online Apple Store (11", 8GB Ram, i7, 128GB SSD) Stated pickup date to be on Friday, July 6.
Monday, June 25th - Received notification by email that my back to school gift card was ready for pickup. "Wow, that was fast. It is only the gift card though so that doesn't mean anything about my actual computer."
Thursday, June 28th - Charge for the MBA hit my credit card. "Cool, any day now!"
Friday, Saturday, Sunday, June 29 - July 1 - Painful waiting while I had set my expectations that the MBA would be here by Friday, no? OK, Saturday, no still? OK, Sunday for sure. No?

"In process, in process, in process -- refresh, refresh, refresh! Must be some mistake."
Monday, July 2 - Logged into my Apple account to check the order status for the 500th time and it finally moved to "Ready for Pickup." Whoo hoo!
One of my suspicions is that while BTO products may get to their location sooner if you set your delivery to pick up in store, I suspect that the actual store itself is involved in that last step of registering the product as "Ready for pickup." It may well have been there a day or two before they changed the status. Given it was probably another crazy busy weekend at the Apple Store, they may not have gotten to this last step until today.