Reading through the earlier posts, it looks like a minimum of 2 months before you actually hear from CIC, but the soonest you have a status, you should receive your card within weeks, regardless whether it is "Received" "In Process" or "Decision Made"
I sent my Parents PR Card renewal on Feb 07, and was received Feb 12. Hoping to hear back from them next month.
PS: Their citizenship application is also currently "In Process" its just that, we are travelling in May, and I dont want to risk it, as Citizenship takes about 6-8 months.
Best of luck to everyone.