The sign up process is much better now, around 2 days I think. A friend of mine signed up recently and that was his wait time. It does cost SP to create accounts as 15SP is delegated to new ones, so yes.. a lot of SP is being wasted.
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Really? So good! A friend registered on the 16th of May and as of now has yet to receive an approval
I can only speak from my experiences, it is better now than my 3 weeks I had to wait though.
Wow ok that is really long!