neweb2i - welcome to the site. PERM was supposed to be a 15 day approval thing (once submitted). However it has once again gone back to backlog. As per department of labor that adjudicates PERM (see
http://icert.doleta.gov/ ) they are currently adjudicating Nov 2012 cases!! So if you filed this month - expect another 5-6 months on average.
As per 140 and 485 - it is critical to file them concurrently if you can. But since 485 requires your PD to be current, most of the people from backlogged countries (India and China in EB2 / and everybody in EB3) most of the times can't file 485 immediately upon PERM approval. In your case unfortunately you are looking at at least 3 years of wait before you can file 485 (unless of course comprehensive immigration reform takes place and is in favor of EB applicants.)
All the best! Hope that answers some of your questions.