Just to add to the above...
We now have nearly 6000 platinum and gold members, so although stories are still fast tracked, the wait times will range from between 1-4 days in general. This isn't a guarantee - things will fluctuate throughout the year, but I just want to reassure people there has been no change with the way the stories are received.
Obviously, story fast tracking is just one advantage of a platinum membership, and many premium members don't write stories. We are continually monitoring this. For information, we may occasionally allocate things to a mod to allow us to manage the main queue a little better, so you may see a story as allocated, which then shows at a later time as unallocated.
For non-premium members, the wait time will usually range from 5-10 days, but can creep up to 2 weeks at busy times.
Please don't be surprised if more stuff gets rejected back to authors to fix, instead of us fixing it ourselves. A good proofread or a simple spell check should catch the basic errors that we still often find.
Thanks.