I hate to continue my hijack, but, whatever precise version of the biological species definition you choose, the actual speciation is a single generation. At some point, you call it 2 species. The generation before that wasn't called 2 species, so what was it? A species and a half? What I'm saying is that it was a population on the verge of speciation, but actual speciation would have to be in that single generation.
Of course, the question is really looking for how long that gradual progressions through the gradient takes, so I'll stop now. It's anywhere between a handful of generations (in organisms like fruit flies purposefully stressed to induce speciation) to probably tens or hundreds of thousands of years (in slower breeding creatures like whales).
I am afraid this interpretation of speciation is incorrect. Remember that the species we see today are the result of many generations of evolutionary pressure selecting for certain characteristics. Consider a series of generations of species A (so that A1 is the first generation A2 the second etc).
A1 A2 A3 A4....A100....A1068
Now, generations A1 and A2 can interbreed. Generations A12 and A4 can interbreed. It is quite possible that generations A1 and A100 can interbreed. However, Generations A1 and A1068 cannot interbreed. Therefore, generation A1068 can be considered a new species when compared to A1. But it is not a new species when compared to generation A1067 or A1000.
So, what happens to these transitional generations?
Assume A1 was already adapted to its environment, but a breeding pair moves to a new environment with a different set of evolutionary pressures. Individuals with the base A1 characteristics would be selected against, wheras those with characteristics of the A2/100/1068 are better adapted and flourish. Eventually the original A1/2/3 phenotypes disappear, leaving the better suited A1068.
What we observe is is the original species A1 and the new species B1 (which is really A1068), as all of the transitional generations have died and their characteristics were not selected for by evolutionary pressure.
This is why the creationists get so agitated about finding transitional fossils. But we are all transitional fossils (potentially).
The timescale for this is huge, and therefore your best chance of seeing speciation occur is in bacteria or lower order creatures.
The definition of species does not wholly hinge around interbreeding however. This has been covered before on Google and in these forums. Hope this explanation has helped...