UPDATE TIME!
Began my day like I have for the past 18 days, checking the online status (app. 615am PST). Was still showing as in initial processing at this time. I've been a little paranoid so decided to call in and make sure my forms were ok and that the photo was acceptable etc. During my first attempt I got a message that they were experiencing heavy call volumes and that I'd have to call back, the call then disconnected. I called back about 45 minutes later and after about 8 minutes on hold got to speak with a fantastic lady who advised me my license had just been approved! Now I just have to wait for the physical license to be printed and Canada Post to delivery. After getting off the call, I logged back in to check the online status and it now showed as approved.
~ References were not called
~ It appears the online status is fairly "real time" based on my experience