Not sure if it will ever stabilize, but I am sure I can't reliably use Bitcoin for international money transfers until it does. This way it's more of a gamble than money transfer.
How long does a transfer take?
Overall, going from CAD cash, to the USD in a US bank or credit union:
1. Deposit CAD into Cavirtex account - few hours
2. Buy BTC on Cavirtex, withdraw to MtGox, sell - an hour (this is where the fluctuation in price might ruin or sweeten the deal)
3. Withdraw USD to Dwolla - a day
4. Withdraw from Dwolla to the US account - three days
When the price is stable, the cost is much lower than exchanging currencies at the bank and paying international wire transfer fees. It's also faster (~4 days total) and safer then mailing a USD draft/certified check to avoid wire transfer fees.