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There's no longer a monthly update -- it's all very fluid now, at least as far as the SERPs go. I do believe things like PR and backlinks continue to be updated on a fixed schedule, however.
How long does it take? No set answer. How many incoming links does your site have? Are they from sites that Google spiders regularly? If so, it'll find your site more quickly. But if you only have 1-2 incoming links and they're from sites that Google spiders every month or three, you may wait that long (or longer) for Google to find your site.
Hope this helps. Keep reading the old messages 'round here and you'll learn a lot about how it all works.
