I had a wire go through successfully on 6/12, but my wire requested on 6/15 is still listed as confirmed but not processed.  Funds have been locked up for almost a month now.  So, the "$1 million" backlog claimed to have been worked through were either just June 13th and 14th, or were wires taken out-of-order of request, such as for service providers like bitinstant.  My guess is the latter.

I do think the dam will burst and all the USD will come flowing out of MtGox... eventually.  Given the Liberty Reserve news and the seizure of MtGox's own account, I can't blame a traditional bank that wants to go slow with this new, high volume, seemingly sketchy bitcoin business.  Were I a bank manager, I'd audit their AML/KYC procedures and spot check their data before taking on their account.  And that takes time.

That all said, assuming the USD logjam does burst, will the price rise or drop?  I really don't know.