LMO in Ontario?

Hi forumers, how long does it takes for an LMO approval in Ontario? Is there a possibility to be denied? Today my potential employer just submitted the LMO application for her to hire me as Live-in Caregiver for 2-years. I can't understand the significant changes of TFW effective April 1, 2011. Does it affect my application for OWP & PR? Because they said those who get Work PErmits after APril 1, 2011 or new comers are no longer qualified for PR. Is this true? I already submitted my OWP/PR applications a week ago. If yes, I'd rather be a jobless then. But it worries me a lot because my current employer will release me August 31, 2011. I know lots of LCP here are jobless means no OHIP/MSP and this scares me a lot. I don't have relatives here in Canada to support/shelter me if in case I'm jobless.

Thanks for your responses.