The way I undertstand the "FRB language" is as follows:
approved - usually means that your local PD sent it to them (FRB) for activation. After that they usually say 'it will take two weeks' even if it was with them more than 2 weeks already.
activated (also might be approved) - means FRB reviewed and activated. After that they say 'it will be printed and sent to you local PD shortly'.
I guess some PDs run the process concurently, meaning they submit the applications to the State Police and FRB at the same time. That way it is lot quicker, but the chief must be pretty sure that the SP would not return some denial. The risk is small for the chief though, he still can revoke it at any time, just some extra work for him.
Still, I do NOT have any internal knowlege about how it really works. Just guessing from this forum posts and personal experience. 64 days and countinng...