How far along has it come? Osm2pgsql should give the number of nodes, ways and relations it has processed so far. If it is nearly done, then we don't have to worry too much about this.
It's already in the processing of relations, which is of course the most expensive part. You may monitor the progess with
tail -c 100 -f /home/project/o/s/m/osm/import.log
on any of the login servers. It's currently at Processing: Node(541873k) Way(40262k) Relation(235k)
Peter