I got a tiny app approved just last week. Total time from submission to acceptance: 33 hours. That's far less than I've seen on the previous three. Luck, or improvement, I'm not sure...
I saw a review time that quick for an app I submitted as well. I think they've done a pretty thorough job of improving the developer experience in iTunes Connect.
I think it has, but the OP suggests another gold rush will occur immediately the iPad launches which will bog things down again.
As of Jan 27:
App submissions reviewed within the last 7 days
New Apps 98%
App Updates 99%
Apple is reporting that most apps are approved within 7 days.