Hey,

since I submitted my game to the store last week I now submitted the first update.
Since it wasn't approved in 2 days and I later found more things to add, I thought I'd just reject the binary and send in a new one.

What do you think, does rejecting the binary start the review cycle again?
If so it might be better to wait until Version 1.1 is approved and then send the version 1.2 immeditely.

How do you guys handle the update process?

It probably starts the queue over unless there is an option to replace the binary without rejecting it. That is my best guess anyway.

Yep, rejecting your own binary puts you back at the beginning of the review cycle. I remember they do mention it somewhere in the docs.

Do you have experience with update review lengths?

Are they faster with updates, i.e. does it take less then a week?

iPhone updates apparently take just as long as initial submissions as far as we've been able to tell. The length of time has historically varied greatly, but it seems to me that it's usually been around two weeks for each approval (sometimes as little as a week if they're not busy). iPad updates so far have been much faster, taking only a few days.