Just resolved the apparent Step 2 freeze! Steps taken were as follows:
1. Stop iTunes Match in iTunes client;
2. Close iTunes client;
3. Restart computer from cold;
4. Start iTunes client;
5. Watch iTunes Match proceed through Step 1 to stall in Step 2;
6. List Music library on iCloud status - noted Songs marked 'waiting' and Songs marked 'duplicate in iCloud';
6a. Took backup of all Music files concerned;
6b. Using iTunes client deleted Songs with status shown in (6);
7. Repeated steps 1-4;
8. iTunes continued successfully through Steps 1, 2 and 3;
9. iTunes Match now reporting all Songs available in iCloud!
Please do try and report the results in this thread so we can see if this proves to be a general fix.
Note: Prior to this iTunes client had been left for 20+ hours with no change, apparently hung at iTunes Match step 2.
Whilst the solution certainly works, unless the Songs concerned are re-purchased from the iTunes Store attempts at recovering them cause the Step 2 stall to recur.
The issue appears still to be with the Apple infrastructure since even trying to restore a previously 'matched' Song causes the stall.
As an illustration, the example below shows a Song from Jet that had been successfully matched. The 'get info' to the left is that for the newly re-purchased Song, the 'get info' on the right is for the previously 'matched' Song.
At present the previously 'matched' Song in the iCloud is shown as available for download, however, it is greyed out allowing neither download or play. With the local version of the Song removed iTunes Match completes Step 2, attempting to restore the local file causes Step 2 to stall - this despite successfully playing the Song in iTunes in its originally 'matched' state earlier this morning.
Whilst we can use the solution to restore iTunes Match to working order at least for current and new Songs, it appears we will have to wait for a solution from Apple before existing Songs will complete the matching process. All indications are that we will need to allow several days for the current high loading on the Apple infrastructure to ease.