I had a website with many good link exchanges and it only took 1-2 months to be indexed and was listed with a PR of 5 a few months later. I then started another site without accepting banner or link exchanges and it took 5 months to show up in SERP and now it has been about 7 months and unfortunately more than 50% of the pages have no PR and only some show up in SERP (mostly MSN and Yahoo).
So in short, it varies and depends on the quality of the site, number and quality of backlinks and other factors which Im not aware of. Once I learn more, Ill let you know. :)