I charged mine overnight the first time, so I'm not sure how long it really took.
On the discharge side, the PB 360 is amazing! I fully charged it when it arrived in mid-December. Since then I have read 4 novels. In paperback, a total of 2,400 pages, so probably twice that many page turns on the PB 360. So far, my battery is still over half charged.
In a world where everyone lies about battery life, the PB 360 is a refreshing change. This is the one electronic toy I have which I won't have to take a charger for when I travel.