I usually get my email confirmation pretty quickly but was concerned after waiting over 20 business days. I got the confirmation today along with this response from mypoints:
Thank you for contacting MyPoints Member Care.
Thank you for writing to MyPoints Member Care. We apologize for the
confusion as well as any inconvenience. A redemption order can be
pending for up to sixty days. If it is not processed during those sixty
days, the order expires and the points used in the transaction are
returned to the account. A redemption is pending so long as there is a
shortage of of the item ordered. Your redemption will arrive 1-4 weeks
from the date of process. Or, we can cancel it and credit the points
back to your account. We apologize for the delay, but thank you for your
continued patience.