The current best-case scenario I've heard is 5 days.
Keep in mind that if you're a new author ( first story ) it often takes a day or two more. I assume this is because the first couple of stories from new authors get more scrutiny, until they've demonstrated they aren't trying to sneak in disallowed content.
If your story has audio or illustrated components, those only post on certain days of the week, so it will be the X days + however long until the next standard release day for your multimedia story.
Don't mess around with the "pending" link. If you click that and then "save changes", your story goes to the back of the queue and you have to start your wait all over again.
The FAQs are horribly outdated, and the time a story spends in the queue has fluxuated pretty wildly the last couple of years.