data point for posterity; my aeroplan account is now showing the preferred pricing for having an aeroplan credit card (amex core card in my case.)
so timeline was applied and approved for card on saturday. "credit card member" showed up on my aeroplan account on tuesday. preferred pricing showing today, friday. so six days from approval to being able to book at a reduced number of points.

and just to throw something else out there about the new program, one of the frustrating aspects of the old aeroplan program was the difficulty in getting a connecting flight between YYJ and YVR, either outbound or in. it seems that now, searching from YYJ and back show plenty of good connections. i booked a business class ticket for next summer from ARN to YYJ via YYC just before the change. 55k miles plus about $310 in charges. The same flight is now 65.5k points and $137 but the availability of flights is so much better than before. granted, it could be from the pandemic.

another improvement that i've seen is YYJ to LAX which is a route that i used to fly a few times a year. 50k miles plus some exorbitant fees for a business class award made it a terrible proposition. now i'm seeing flights for 16k points plus $50 each way and again, the availability is excellent but possibly due to the pandemic.