It means nothing is happening. You're "in line" so to speak.
Which actually is kind of unfair, I have friends who ordered after me and they have received their phones (exactly the same as my order). You'd think it would be first come first serve, but apparently it isn't.
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This is the exact phone I ordered, placed 9:00am on 9/12 and its still processing. I wouldnt care, except I now have two friends who told me they ordered late that day or on the 13th through Apple.com and they have both received their devices (same color, size, plus models). So either they are lying or it isn't first come first serve and orders are filled randomly. I'm really just curious.