Depends on what you export it as, H.264 MP4 works best and usually processes around 10 minutes after upload, you usually get 360p straight off the bat and others follow after it, but yes as @Michael said it needs time, Google get allot of videos being uploaded every second of the day.
Other formats take longer, XVid AVI I found took a hell of a long time to process, and also Google's traffic will vary process time before it's fully HD.
When you upload, YouTube makes your video available in many different qualities and sizes. They also have to transfer all of those files to various places around the globe. It takes a little time to accomplish everything.
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