If my bank fails, how quickly will the FDIC pay me back?

The Consumerist has up a reassuring piece for those concerned about the possibility of their bank going under. And there is a lot of confusion out there on how the FDIC works.

[The] Federal Deposit Insurance Act states that the FDIC is required to pay insured depositors "as soon as possible." (see 12 USC 1821(f)) In practice, this usually means the next business day, or within a few days.

So, while it is always wise to have on hand enough cash to get you thru a long weekend (enough money to keep feeding yourself and your family and to keep the car gasses up), most people would not notice the amount of time it took the FDIC to act upon a bank being closed.