Sent iPhone 3g into apple for repair

I sent my iphone 3g into apple for the display separating from the bezel and I just had some questions. This is what the status looks like:
Step 1 - Request
Product received (19-May-2010)
Step 2 - Service
Issue identified (20-May-2010)
Step 3 - Return
Product replacement pending (20-May-2010)
My question is how long does it take for the product replacement pending take? And does that mean I am getting a new refurbished iphone? I called applecare to ask but the guy said nothing for half the time and said um a lot. So apparently he was kind of clueless if you ask me, so I was hoping someone here had some past experience that could help me out.
Thank You
Macbook intel core duo 13 inch screen Mac OS X (10.6.3)