My employer revoked H1B in the first week of Dec and USCIS website has the following status:
"We reopened this I129 PETITION FOR A NONIMMIGRANT WORKER on December XX, 2009, and are now reviewing our earlier decision."
I applied for COS to H4 in the third week of December and it is currently pending. I94 is valid until Dec 2011. Husband is on H1B and in status.

1. Is it ok to apply for change of status some 10 days after H1B revocation has been filed?

2. What are the consequences of my being out of status after H1B is revoked and COS H4 application is pending? Am i "unlawfully present" or simply "out of status"?

3. If my COS to H4 is denied, can i go to my home country and apply for H4 again? Would my being out of status for more than 2 months after h1b revocation be a problem?