I was in your exact situation. Its very, very hard and frustrating just to get to and past this step. I did everything imaginable, and still it sat there and cranked away. I was very close to junking the thing.
However, a member here gave me some sound advise. KISS. Keep it simple stupid. Just to get it started, it only needs 3 things: fuel, oxygen, and spark. For me, it was all three: my carbs were plugged, even though i just cleaned them, 1-4 cylinders were sparking at the points, but he condenser was crap, and I don't think it was choking enough to start, as I didn't have butterflies on my carbs at that time.
So, even though you say its getting fuel and spark I would:
Check the plugs; do they smell like gas and/or are wet? If no, your jets are plugged. Get new ones, I cleaned them 2x and they still were plugged.
Do the plugs REALLY spark against the engine block when you turn it over? Or are just the points sparking? Spark mean a nice, blue spark, not a little "crackle". If your battery is dying, it might not have enough juice to fire the plugs.
Are you creating a vacuum? The fuel needs to get to the plugs, if its just sitting in the float bowls, you're not going anywhere. Make sure your boots (carbs, not footwear) are on all the way.
I have noticed too, that even with a charged battery, good fuel flow and compression that these engines just don't start well when cold. If I haven't ridden in a couple days, it takes a good couple minutes to fire everything up.