What happens once labor is approved?

[aek]

I am in my 8th yr of H1B
My GC was filed in May-2004
My lawyer replied to the 45 day letter in Jan' 2006.
Hopefully, based on the other predictions, say, if my labor gets approved by Jan 2007.

What happens next?

- Do I get an EAD card?
- Can I travel out of US?
- Do I not need to go to the consulate if travelling back to India?
- I guess my lawyer will need to file I-140 but what is the approximate wait for its approval to come through?

Thanks