In my experience the wait time has been a day or so. I think that they have been working pretty hard to try to get the connectiq-1.1.0 release out the door, so they may not have had time to handle the requests for the last few days. I'm pretty sure Brandon is the guy who monitors the approval queue. He is likely to post here with an actual answer if he has any free time.
Apologies, Thornfoot. I've gotten it approved. I was a little concerned about device performance and wanted a chance to test it out on hardware before I released it into the wild. Moving through the main page loop can be a little laggy while using this watch face, which might be due to all of the elements being drawn. Aside from that, it appears to function well.