The gun shop near my house said the two most recent Form 4s they received took 7 and 7.5 months respectively. I spoke with a gentleman from Arizona yesterday who said the paperwork for his Gemtech took 8 months. He got his stamp back just last week.
The ridiculous wait times were a frequent topic of discussion at the "Silencers Are Legal" shoot in Dallas yesterday. The American Silencer Association said they will be meeting in Washington very soon with the ATF and some members of Congress to discuss what can be done to streamline the approval process and shorten the wait. Rest assured there are people who are actively working to improve the NFA approval process. It's just going to take some time...
In my opinion, a silencer should be transferable on a 4473 the same as a normal firearm. The $200 tax could be collected by the dealer at the time of purchase to ensure that Uncle Sugar gets his cut. There's also no good reason why the item couldn't be registered with ATF at the time of purchase. Fill out the form, pay the tax and the price of the can, pass a NICS check, and go home with a shiny new toy. No fuss, no muss, no unconscionable almost-but-not-quite-a-year wait. Hey, a guy can dream can't he?