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In http://lists.w3.org/Archives/Public/public-html/2011Jun/0315.html, the consequences for missing the December 31, 2011 date were specified as: "Consequences of missing this date: bugs still open past this date can be escalated to Tracker Issues immediately if the originator so chooses." What is left unspecified is what states the underlying bugs are to be placed into once Tracker Issues are created.
See also http://lists.w3.org/Archives/Public/public-html/2012Jan/0087.html, where we chose "RESOLVED LATER" until/unless we come up with a better idea.