It would be nice if we could just call the IRS and they tell us - yes, the S corp election is pending.  But in reality, if we don't have the approval letter it hasn't been worked on.  In my case I proceeded on the 1040 as if it had been approved.  Since they don't seem to match K-1's (sometimes never, other times years) I figured if questioned, by the time they question the approval should be complete.