When the Barclays Silver ETC (SLV) was approved in 2006 (after about a year), there was a period of about a month after they cleared the last regulatory hurdle from the SEC, and when it got final approval. Likewise, there was a potential a period of about a week from when they got final approval and when it could begin trading, although iirc it was only a day or two.
So, there could conceivably be some notice.
I agree though that I think the SEC is going to drag its heels and be slow to approve this if they ever do. Silver did go from around $10/oz in April 2006 to around $50 to around $20, some of which may have been due to the ETF.
It is good that there is money behind this because it could be a long, expensive process.
I think that if the SEC were to approve it, bitcoin prices would more than double. Wow, how nice it would be to have insider information on when/if they will improve. One could make a killing on bitcoins in just a day.