i just ran a report in the past hour and it only took a few minutes. It was a small report, however.
My reports eventually processed and I got results. Support said it could take up to 12hrs depending on demand. Fortunately they usually process in about an hour.
Guess I was just spoiled from being an early adopter and getting my data almost instantly. #firstworldproblems =)
I provided some feedback via my case that they provide an ETA in the console or provide some documentation on what the expected processing times are.