Theres alot more to being a musician that being in the studio. Being in the studio is the last step of the musical journey. Besides, nothing credible has ever stated that the album was done or ready to be recorded in full, or even if it was ready to be recorded that we'd see it any time soon. And personally, I think we'll be lucky if we see it anytime before October or November of next year.
Also, without Bono's humanitarian efforts, would we have 'Where The Streets Have No Name' or 'Wave of Sorrow'?
Just because he is out doing humanitarian efforts doesn't mean he's focused away from music, he could be getting ideas for songs, working in seclusion from others in the band. Also, I'm sure Edge, Larry and Adam spend time in the studio without Bono or even work on stuff that wouldn't require him (ex. practicing, song takes or jamming) and get alot done too; Bono is NOT the entire band.
Bono, I'm sure, gets ALOT of inspiration from this stuff and who knows, just be patient, we might even get another 'Streets.'
As much as I can't wait for the new album, I'm willing to be patient if it means that they are getting it done good and getting it done the way they want it to be done, not by putting out some mediocre album just to get it out.
And finally, with all this Fez stuff I'm hearing about especially with what we heard in Lanois documentary provided they are following that direction, the wait WILL be worth it.