After you get your EPP codes entered and GoDaddy is notified that you intend to transfer the domain, you can either wait 5 days for GoDaddy to release the domain, or you can go in and immediately accept the transfer by following these instructions: http://support.godaddy.com/help/6040?locale=en

Then it's just a matter of waiting for everything to finalize. I started the process this morning and it still isn't finalized.