Matt,
I was probably overstating things a bit but depending on the airframe, it's a rough estimate for my building.
At the moment I'm installing retracts into a foam wing which was previously (poorly) sheeted and had maple blocks glued in for fixed gear. Needles to say, getting things cored out and removing the fixed gear blocks and supporting ribs without destroying the wing is time consuming. The fuse took 2 afternoons to get framed up and shaped. Each retract bay is needing 2 afternoons before I'm satisfied and it's ready for mounting.
Even with a fresh core though, I'd say I spend about the same amount of time (perhaps a little less), working on the core "innards" (retracts, servos, tunnels, etc.) as I do on getting it sheeted, capped and sanded. Of course, if the airframe is a composite layup or it's a complex Japanese (or a scale) design then things change. I guess I'm talking about your average '80's "box" design classic.
In short, it does take me about that amount of time to get that part of a build done - or at least feel like it does...
David.