I corresponded today with the "FamilySearch Support" team that answers questions and comments about the new projects that FamilySearch has been developing. Now keep in mind this information is in no way accurate, it may change.. it is only an estimate:
The main objective of RecordSearch and the mass digitization project of the microfilm archives, is to eliminate the need to circulate the actual microfilm to your local FHC's. I was told that there are 2.5 millions rolls of microfilm held in the vaults waiting to be digitized. Now with the equipment they have, they can scan and digitize 1,000 rolls of microfilm a day.. so it can take nearly 10 years, as I was told (again only an estimate, and the numbers could change).
I personally think this project is GREAT! I would love to be in Salt Lake City helping out with digitizing, but I can help at home by going to FamilySearch Indexing and transcribe and index records that had already been digitized. I have written about this Indexing project before, and so far it has already shown promising signs on the Record Search portion of the site, with the digitized images. It's just amazing how fast things can be done! I can't wait for things to get fully underway and to start seeing some major results! I'm hoping to see a huge new interest into the genealogy world by newbies in the next few years.. I can't wait!