All first time uploaders have their uploads automatically put into a Moderators Queue. This queue is MANUALLY checked so basically it both depends on how many are in said queue, and when one of them decides to check it. Once an account has an "aproved" release, their subsequent releases dont get put into the queue and can upload as normal.
Even while a upload is in the Queue you should be able to view your own uploads by clicking on your Profile, and there should be a Pencil next to each entry. Thats how you "edit"/upload a V2 (you dont mark it as a V2, you keep the same entry for all the other fields and just upload a new zip containing the whole chapter with the fixes) or Delete a release.
The Queue also helps keep "READ FULL CHAPTER AT XXX.XXX.SHADYURLHERE" type uploads, uploads that have the chars dialog replaced with things you'd hear in a KKK/Trump Rally, and credit pages that contain rickrolls or something from "The Most Offensive Page on the Internet"