How long does it take for approval?

i only submitted one, so i don't have a lot of experiencie with them. but it just took a few hours to get it approved. i think something between 3-4 hours.

Just depends how many they have in the queue, and how busy the staff who have to approve them are, I think. In my experience, typically anywhere from a few hours to a few days.

Approval period varies quite a bit, but I wouldn't expect it to be longer 48hrs. (then again tomorrow is thanksgiving in the states, so who knows)

Would there be an event that tells you about the approval/denial?

yes, there is an event

Thanks everyone! :D