I would agree much closer to 7 days minimum. Also I'm not familiar of namecheap's process but make sure and check your email too because you will probably have to verify and it might ask you for a number you have to get from godaddy too.
My experience transferring from Godaddy to Namecheap could probably take a few hours to up to 3 days. Ensure that you have entered the EPP Code from GoDaddy in Namecheap transfer and ensure that all your Whois emails addresses are valid and once you validate them, the transfer will go through.
There supposed to after 5 days to release it or cancel the transfer ..but 7 days as mentioned ..if he counting DNS ..hahah usally 5 plus 2 for dns.
1 to 2 weeks is really too long. My experience has always been just a few hours to a day for the transfer to be completed, it all depends on how fast I reply to their email confirmation
what is EPP? i was thinking of moving my domain to namecheap too but i thought it would be very very troublesome and may be my site will be down for some days. Wonder if my perception is wrong?
EPP Code is the Authorization Code which you are to obtain from the Domain Name Registrar which you are transferring away from. Usually the control panel of that registrar would contain it. Transferring domain names from one registrar to another does not cause your website to be down at all. To illustrate this, think of Domain Name Registrars are merely resellers for Internic. All Domain Name records are technically maintain by Internic so changing Domain Name Registrar is merely just changing the name of your reseller.
You need to ask your current registrar for that! And this page may help you:http://www.namecheap.com/transfer.asp?goto=1