This depends on how large the content database is, the resources available for the database server (and to a lesser extent the web app) and whether or not the database is on the same machine as the web app, local network, or remote network.
With variations in these parameters I've seen it take anywhere from a few minutes (small site, running on a powerful machine) to 14 hours (very large site, running on underpowered hardware with the database on a remote network).