I've found that processing takes a long time IF:
You upload a video without editing any of the fields, such as title, description, tags, etc.
To ensure faster uploads and processing time:
Update the title, add in some description like "to be entered", and one or two generic tags while the video is uploading. As long as you change the upload from the default information it displays, your upload/processing will be faster than if you just uploaded a video without changing any of that information.