I think most schools start awarding aid on March 1st or 2nd or whatever (early March). That's why many recommend getting everything in by the end of February. But as long as you get it in by then you're definitely not behind. I can't say this is true for all schools, but from what I'm seeing it looks like it's true for most (okay, fine, the ones I'm concerned with plus others I've seen mentioned on sdn -- I can't really say most). If you go later than early March you might not get full consideration because aid is usually rolling, but even late march or early April there should be some available. Overall, though, for best bets try to get it in by the end of this month.
Once you get the W2 it's really pretty simple. Especially if your taxes aren't complicated, and you can get them filed within a day or so. Then you can do your FAFSA in another day. For my husband and me the biggest problem is getting parental info; I've got mine, but there's no indication my husband will have his any time soon :/
edit: Oh yeah, and I just saw the poll. Many schools don't send out reward letters until later, even April. So even if people have submitted they might not hear soon. I submitted but I have to submit corrections to add my parental info (I decided to add it after I already submitted mine.).