Iapetus
Explorer
The group should discuss the setting together. Make a world together, or at least make elements together. If you want to limit races to push certain features of the world.
The DM has a very clear, if a bit complex, idea for the world. The group agrees with his idea, but until we get to that point we are using generic campaign.
Now here is an important question: why are you waiting so long to have fun? The GM wants to run a level 5 adventure. Fine, run a game at level 5. Don't start at level 1, grind for a bit, then finally go play the game the GM wants to run. It shouldn't be that hard to come up with a reason why the party works together and come up with some basic tactical plans to make it look like they have adventured together for a while.
To answer your question, we are not waiting but spending time developing our characters. At level five where the campaign alters itself to be in an altered setting, the DM and I are going to start recording the adventures and writing a book (which is why we aren't using ready-made adventures past level 5). At this point we are not stopping leveling up, just powerful enough to be "hero worthy" as far as fantasy goes. Thanks again for your suggestions.