Long term residency is granted on the basis that a non EEA national has completed a minimum of five years legal residence in the State on work permit conditions. This is a major concession with successful applicants being granted Permission to Remain on a Stamp 4 which is valid for 5 years thus obviating the need to re-register with the Garda National Immigration Bureau on an annual basis.
I am informed by the Long Term Residency Section of the Irish Naturalisation and Immigration Service (INIS) that applications generally take approximately six months to process. For example, a person who submitted a valid application in January 2011 can expect a decision on their application in June/July 2011. Of course, for a variety of reasons, some applications may take longer than six months to process.