Hi I have signed up for this, this evening. (My domain is www.brighterdays.co.nz). When I try accessing the wordpress admin (WP Admin button) or changing the theme this says 'site cannot be reached'.
I have checked the DNS settings and this appears to be correct.
1) Does this take a certain amount of time to update?
2) Will I be able to upload a theme that I have purchased (once I can access the WP Admin page)?
I was able to reach your site no problem. May have been a brief propagation delay as site went to full domain name.
With regard to themes, yes you can! That's one of the big advantages of the managed wp at GoDaddy. I use some very plugin heavy themes and they work great on GD servers.
Hope this helps,