No idea about observers. I know we're in a completely different selection pool from ADFA candidates, and that they are notified very late in the year. Looking at the schedule, I'd say they are notified in December and some in January.
Well guys, we've got a big wait ahead of us for Nov. Lets hope that one is moved forward too, and we get what we're after
Edit: For those wondering what happens at the end of FSP, there are three categories: first is you're recommended (good enough flying and officer scores), second is to do with your officer qualities and requires you to wait a period of time before you come back (a year, 18 months .ect), and the final one is not recommended (usually something to do with officer qualities, since you don't really "fail" the flight component). You can't ever re-apply if you're in the third category. Obviously it depends on your OSB as to whether you'll be welcome to have a shot at another officer position.