I fell out of F-1 status on 05/17/09 (initial date of graduation) because my graduation got delayed (to 09/25/09) and I didnt update my I-20 on time. I applied for reinstatement (was enrolled full-time, DSO's endorsement, scholarship letters..). I still havent heard back and I have graduated on 09/25/09.

1) Am I (legally) required to wait for the decision of reinsatement or should I abandon the application and leave the country (since Im out of status and not registered full-time).
2) Will having a history of being out of status affect being able to obtain visas in the future at the Indian consulates (I might come back on H1 or another F1)? A person I know got a white 221(g) for a H-1 visa for previous history of status violation. What does that mean? Is it a bureaucratic bomb?