VPS takes about as long as any other service here to set up. It's most likely your account itself that might take 24-48 hours, depending on payment method. US Credit Cards tend to be pretty fast.
Once your account is approved and set up, a VPS account is set up within an hour. A new or transferred domain can take up to another 24 hours to be reachable.
I have a VPS account and really like it. It's a good deal and has been extremely reliable.