Just a quick update on my (wife's) renewal. In the comments above, it seems the current turnaround time is around a week. I've just had confirmation this morning that the passport has been printed and sent. So maybe just over a week in my case by the time the passport arrives, but still pretty speedy. Interestingly, the approval was date stamped as Friday at 8.54pm. Either the UK Passport Office is putting in some overtime in the expectation of a deluge of applications in the coming weeks or there is some degree of automation/delay in the final approval notification stage.

The full timeline for the process was:

Passport printed and sent 7:46am on 4 February 2019
Application approved 8:54pm on 1 February 2019
Joined processing queue 10:39am on 31 January 2019
Documents received 9:06am on 30 January 2019
Application received 4:25pm on 27 January 2019
Application submitted 4:25pm on 27 January 2019