We've been getting 2-3 week update approvals and it is killing us on getting bug fixes out. Last year we'd often get 3 day updates. If there is a priority queue, We are on the wrong end of it.
If there is a really important update you need to put out, explain it, and send an email. The keyword is "expedited review." If you ask nicely and don't ask too often, they will usually have your update out in two days.
Their "[X]% of new apps are reviewed within 7 days" board on the dev site hasn't been updated in a while. It seems they have slipped from the awesome 3-day turnarounds we were seeing around this same time last year.
I've actually seen my review time go down as I've made more and more money on my app per day. I was getting 8-9 day turnarounds at the start but now average 2-4 days with only the occasional spike.
I think most developers were seeing 3 day approvals at times last year. I recall Apple boasting about their fast turn-around at some point (high 90th percentile in 7 days, IIRC).
We got a three day turnaround last year after the iTC holiday shutdown. Submitted on December 29 or 30 I think, and it was approved by the 2nd of january. Guess everybody was trying to get in before the holidays, and then just took a break, meanwhile Apple had beefed up their team for the holiday spike.