I just picked up my renewed permit today. I dropped off the renewal application on 11/16/2007. The permit was ready 1/4/2008. Exactly 49 days.
The law requires me to renew within 120 days of the expiration. They let me do it early because they're expecting a crush this spring as that will be the time when everyone who applied when Colorado went "shall issue" will be expiring.
If you got your Colorado permit just as the Shall Issue law passed, I'd recommend contacting your Sheriff's department to renew early. It will help you and them.
It used to be that I could carry on my FL or UT permit if the Sheriff's office was slow, but the Democrats screwed that up for us with that stupid non-resident stuff. At least I won't have to worry about it again for 5 more years.