@leland - Haha, give them a little time haha, I mean clef just announced like 2 days ago lol.
In terms of wait and process, don't get your hopes up for a quick addition to the list. I applied for Popup Maker ~2 years ago and got added ~8 months ago.
That said its not so much an application & review process you are waiting for. Having spoken with a few people from GoDaddy at various WordCamps and conferences including Jeff King the VP in charge of all things WP & Hosting. They don't approve everyone, they are primarily looking at your install rates on their servers. By my estimations that is somewhere between 5k & 10k installs on their servers. For a new plugin that is going to take some time. Even PM took a while with 70k installs to get on the list cause we just didn't meet their threshold.
Once your on the list though your set. They will work with you if any performance issues or bugs come up to ensure maximum compatibility, though I have never had to do this so far.
Just my experience. Love to see what others experience has been.