Confirmed, step 1 completes but step 2 - even if very little to do - simply does not complete.
Worth allowing a few days for the infrastructure to settle - no great issue for those with libraries complete but a poor experience for others new to iTunes Match service.
Despite such frustrations overall the service is very good! It is however far from perfect and does require significant time on-line to 'match' / 'upload' Songs in the first instance ... often many hours to a few days!!