When I've pre-ordered other publishers' books from CD, they have been sent to CD (as one shipment, presumably), and CD repacks them individually and sends them out to customers. The delay varies - it can be as little as a week, or as much as a couple of months.
I ordered Lividian's Heart-Shaped Box from CD, and it shipped from CD on May 3. The book was published by Lividian on April 2.
HBJ