Yes, once it's approved there will still be around a 24 hour wait while the server fills up for the first game. The tutorial servers will be available to join immediately so you can hop in and start getting a feel for the game while you wait.
Beta accounts have been reset so you'll need to create a new one.
hmm any news yet?
If you haven't seen the other threads from the forums, the update is as follows,
Right around the six day of review by Apple, it was sent back to Zarksoft to address some issue with the subscription side of things.
This means it has to get resubmitted back to the end of que (averaging 6 six days) for review by Apple which unfortunately means another six days.