I sent off for my C&R during the first week of June 2008 and had it back by the first week of July (the license itself was marked "July 1"). I'd say the turn around time was about three weeks plus mail (the ATF office is in Atlanta and I live in FL).
For whatever reason, some people get it back within a month, and for others it takes several months. There seems to be no rhyme or reason for it - perhaps it's just luck of the draw tied into the way they process things (e.g. this batch from this state first, this state second, etc).
As far as the paperwork is concerned, I had that maybe two days after submitting a request - it was sent priority mail from GA, apparently the same day or day after I put in for it. Two weeks seems like an awfully long time.
The books describe the various statutes which govern the C&R license and firearms in general. The important thing to know is that you need to keep a record of any transactions conducted with the C&R license and format it in a certain way ("Acquisitions and Disposals;" i.e. the "bound book"). You can find plenty of info about that online; it's not hard.
Oh, and unless something has changed, the ATF cannot forcibly visit/search your premises - only audit your records. You can bring your bound book to one of their offices for review if they request (err, demand) an audit. They must also notify you in advance.