Well i found some interesting information on HowardForums i wanted to share here.
Here is the thread link first:
HowardForums: Your Mobile Phone Community & Resource - Android 2.1 Pre-Update thread for Motorola Droid
According to a user there Bill23 who has access to internal builds and tests them, they are currently at version ESE53 (with 2 bugs he found at that). This verison is confirmed to have Live Wallpapers and 3 homescreens though he hasnt said which launcher it will come with. If you read through the thread, he also states that they are doing new builds every few days and that the original builds which were going to be released of 2.1 were ERE25 and then ERE29.
In addition he said the following "theres lot of talk of making 2.1 so difficult to root that many people wont bother with rooting the droid anymore. but some will do it to show it can be done of course."
So put all of these together and it could easily explain why it hasn't come out yet.