Yes.
Can we operate with more than 5W?
No.
How long does it normally take for the FCC to OK this?
Have no clue. I should know but I don't. Being we are bound by this radiotelecommunications treaty we ratified nearly 100 years ago when a change like this happens I'm not sure of the process.
What we're talking about is that Amateur Radio has been allocated on a secondary basis spectrum on the 600 meter band. 472 to 479Khz. Forget homebrew dipoles as it would be nearly 1000 feet long. What I've researched is that a somewhat suitable antenna can be made as a loop with a matching network.
http://www.500kc.com/WA1ZMS/index.htm Modes probably will be CW and narrow band digi.
The local club was asked to monitor the freqs of the experimental stations as we have a couple nearby. I don't know of anybody that bothered. Nonetheless, I am curious as this band seems to work very well in the 100 to 300 mile range which is a tough nut to crack on HF. I can vision the mad scientists of the ham community already at work cooking up antennas and transverters for our existing rigs.