My understanding is that the "pending approval" statement applies to their premium catalog. Your book should be available for sale through Smashwords almost immediately after you publish it. Smashwords, however, also distributes through major online retailers such as Sony, Kobo and Apple. In order to meet the requirements of these retailers, the formatting must meet certain standards. That's why it takes one to two weeks. Even after it is approved, it still may take several more days before it's available on these sites.
Here's information on the Smashwords site about the premium catalog:
http://www.smashwords.com/distribution
By the way, unless I'm missing something, I don't see the title of your book anywhere in your post.