i noticed first changes after maybe 2-3 days and major effect after 7-8 days... (however i never got any pr7+ link) but all depends how big is rate of crawling of site where link is places...
it all depends on how often the page with the link is updated/cached by google. if it is on a page that is cached daily, then less than 48 hours. if it is on a page that gets updated every week or so, then add 48 hours to it. I have a link on a high PR5 site, but the entire website has not had any changes to it for months, and google does not visit it very often.
everyone is right about it taking a long time. i say don't waste time checking on the backlinks just set a schedule and follow it and worry about continually building them. "If you build they will come"