This was immediate. The FFC was there, ready to use as soon as I canceled. This morning I used the FFC funds for a new itinerary which cost more. I knew from previous reports that I wouldn't be able to use my other, preexisting TB funds and just paid cash for the difference.

It worked out fine for me in this instance, but others may want to know that, at least in my instance, canceled TB itineraries are being refunded as FFCs. And yes, as stated upthread, the expiration date was one year out. Good luck, everyone!