I got pipped on Feb 22, but it seems to be lasting unusually long. Usually the pip lasts about a day, then it changes to payment issued. It's been 3 days, and it still says pip. Maybe something to do with the weekend, I guess. Normally the delay wouldn't be such a big deal, but I closed down my ebay store (to support the EBAY BOYCOTT!!) so adsense is my only income, and I need $$ fast.
I am guessing they meant PIP and then Payment. My guess is PIP by 6 EST. I am now getting the, "If you see a Payment link on your Payment History page, be assured that your payment has been processed and sent. Your check may take until the 25th of the following month to arrive, so please wait until then before requesting that we reissue your check." message that means the payouts are propagating throughout the system now for the US publishers. Only a matter of time...
I always see payment issued (via EFT) within a few hours after PIP and am able to withdraw funds (if it doesn't happen on a Friday.) I think it all depends on your bank.