They usually review them all at once a day or so after the application window closes! You can look at the replies to past rounds to get an idea of the timeframe.

Ahhh I've been around doing the RP thing for ages, haha. (Though now I'm curious what canon, I have a character in another game I've been playing in various places for literally years who's definitely of the fairly obscure canon variety.... XD) But yes it's definitely a lot of fun! Perhaps obviously since I've been at it so long.