Wait time
Just speaking from my personal experience, I believe that I applied online to CX in about Aug/Sept 2011, heard back from them within a month and was scheduled for 1st interview first week November 2011.
I did apply Advanced Entry, however, so there may be a difference in wait times between the 3 programs.
Seeing as they do it world-wide and seem to have many applicants, I would take the above timeline with a grain of salt. I'm not sure I would even subscribe to past posts in this forum as the demand or supply of applicants may have changed since that whoever wrote the last post of wait times.
Just rest assured that if you are competitive and a worthy candidate, they will get a hold of you. Even then, it seems like quite the in-depth process and from what a number of people are poating, there are some considerations to take into account, even if you are successful. If you dont hear back within a reasonable amount of time, have faith you will continue on whatever life path you are supposed to be on.
Following up ground to air's previous post, if there is anyone who has (recent) Stage 2 Interview experience, an account of your time in HK and the process would be appreciated.