Upon signing up, you'll receive a confirmation within 48 hours from them stating that they got your application. If you are accepted, you will be contacted via email. No time table has been stated (that I'm aware of, anyway).
Best of luck, CAGs!
Note: Wikifying the thread in case anyone has any further information on when you'll be notified, etc.
Edited by HydroX, 22 January 2013 - 11:47 PM.