That stinks, but isn't as bad as UA. My parents cancelled a ticket within 24 hours 3 1/2 months ago and were told up to 21 days to process the refund. They have yet to see the refund despite numerous calls to UA (including one with the credit card company on the phone). They keep being told, "it's coming, be patient."
On another note, can you imagine 1-2 billing cycles for the people who were billed many times for their ticket purchases on Southwest last week (read where 1 lady was billed 20 times for 1 ticket)?