I was told up to 2 weeks for the replacement. The Genius Bar gave me the number of the service centre, when I called I was told that there is a delay due to the high volume of iPads with this issue.
I was told that the replacement will be as new, either a returned product or in the authorisation of work document that you would have signed it would say something like this, "Apple may use parts or products that are new or previously used Apple genuine parts that have been tested and passed Apple functional requirements."
It is a bit gutting when you have paid out a lot of money for a new product to possibly get a refurbed unit sent back, but I imagine that I won't notice the difference.
I'm still waiting, I haven't heard anything about the progress of the repair, 6 days now.