I published my first book the other day
My first upload was scanned, and because it had the term iBook in it was rejected. Notification of my error was quick, the same day. I think this must be an automated scan, and resulted in a ticket being raised.
I corrected the error and uploaded a new version. This caused the ticket to move to "awaiting review"
Within 24 hours everything was cleared and the book was live on 50 stores.
So very quick, I was a bit worried reading some of the posts here, but my experience was it was very quick.
It's a multitouch book, containing video.
If you would like a look, it's free and available here
http://www.facebook.com/l.php?u=https%3A%2F%2Fitunes.apple.com%2Fgb%2Fbook%2Fa-f ew-shorts%2Fid584760127%3Fmt%3D11%26uo%3D4&h=ZAQH3Y9qq&s=1
Regards
Julian