<p>I have seen shorter turnaround (6-12 months) in some CS journals. But, emengee has a valid point about the timing involved in getting a work published by application time, for some fields. Nevertheless, I do think it is important for undergradates who have PhD aspiration to position themselves in research works that may lead to publication. Honestly, that is one of the best ways, if not the only way, to truly separate one from the pack at the top programs. Even if the work is not published by application time, the process that one going through will provide great talking points during interviews and presumably great recommendation from the supervising professor(s).</p>
<p>As a side note, not many undergraduates publish as 1st author. So, the key, based on what I have seen so far, seems to be getting involved with the right persons and/or projects at the right time. Yeah, it pays to be lucky sometime.</p>