Just in case you didn't catch it on the news reel:

We have received quality participation applications from many countries this year.
The World Cosplay Summit Executive Committee has been in deep deliberation over the decision.
The selections were to be announced at the end of November 2009 and we apologize for the delay in the announcement. We ask for your patience as the results will be announced very soon.

There have to be around 80 to 90 countries around the world with organized events that have cosplay stages and each year many countries apply to participate in the WCS. Its a tough decision to make, I personally would like to see all applicants be able to participate and I believe one day not too far off that may be a reality. For now all we can do is wait, we'll get the news soon.