IPhone 4 water damage - Replacement (how long will it take?)

If i just completely broke my iphone 4 (won't even turn on) due to water damage I understand that I can get a $199 refurbished replacement.
I was just wondering if anyone knew how long it would take to get the replacement phone. For example, if I went into the store gave them my old phone, would I be leaving with the replacement phone that day or would they have to send it to me in the mail?
Thanks in advance.

If you take the iPhone to an Apple Store, then unless they happen to be out of stock on replacement units, you'll walk out with one.
Regards.

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