Well I have to admit that I was more worried about getting the html to show in the browser control than where it was being displayed. I thus did not notice that I was testing with a form and not a report.
It appears that whilst the Webbrowser control shows in design view on a report it will not appear in print view on a report. (at least i cannot get it to work) which would be the reason why the document is never ready.
My further research does not seem to show that anyone has tried to put the control on a report.
Thus I am going to give up on the idea of using the Webbrowser control for a report. If you want to use form you will find that it will work, and you should not need the HTMLDocument loop/check.