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A year ago - it could take up to a month for those links to get crawled and another month to be indexed.
General consensus was that updating would be quicker/more frequent as of may/june or so this year? IMO, for a while, one could see the results of new backlinks added every week or so in the search results, whilst not necessarily seeing any backlink or Pagerank change. This lasted for a while. Then frequent search results updating stopped. Meanwhile, the showing of backlinks gets vaguer by the month.
I think Pagerank last changed about a month ago.
G is trying to figure out how to filter out the junk from the links pile and this should take a while IMHO.
However, if you ask me, I'd still work on getting links (quality & quantity) only not from link farms and not from pages with 500 links (unless it's dmoz/yahoo category hehe)