I sorta half-understand it... and it\'s not specifically to do with uploading your character. When I installed the MB client on my machine again a few days ago, I had this same Initialising World delay, even though I was just logging in to my usual Moogie character.
When the client has been freshly installed onto your machine, it needs to (or thinks it needs to) recalculate all of its lighting variables to adjust to your system. With an account that has already been created, like \'Moogie\', it is perfectly safe to just close the client down and try again to avoid the 2 hour wait. However, if you do this with a new character, he/she is likely to become corrupt and unusable.
Handon: The page I linked to has two buttons. Type your character name and click \"Check\". If the account is \"invalid\" then you must use the form again and click Delete. If it is \"valid\", that character is fine, and shouldn\'t/cannot be deleted.