I got my license early this year, and it took ~8 weeks for all of the paperwork to come in. IIRC I got it all in one big package.
FWIW just a few weeks ago, the ATF issued a new edition of the Compendium of Local Laws & Published Ordinances (say that 5 times fast!) that comes in the package, but they sent me a CD-ROM rather than a book like the one that came in my original package. Maybe the recent change is delaying things... but OTOH you still haven't waited as long as I had to.