By that I mean 1 GM and 1 or 2 PCs. Also, how "fast" does it play? Is it easy to play a session in 2 hours?...

I played a session with one player and I GM'ed and it was pretty quick (3 or so hours) and it was also our first session ever so I could only imagine it taking less time in the future. (Every once and while I took a break so I could find out how combat works etc.)

In the end of it all he saved a high elf student from thugs, uncovered a strange orcish prophecy, saved a village from a small orc cult and slayed the cult leader.

Titeman said:

Well roleplaying games don't have a set play time like board games do, a session can take as much or at little time as you would want it to. With experience you do learn to time it better, but depending on how much your players will go off on side adventures on the spur of the moment or debate a course of action it can take a while. Something like a "A Day Late..." Will normally take 2-4 hours depending on the group, but then again it might also take all night.

PS Sorry if the tone comes off as "Hey there newb" I assumed that since there where only board games in your fav list that you are mainly a board gamer, new to the RPG hobby, if not then hugs and cookies as an apology for my assumption.

Actually I have been a D&D player for many years, but with that you need a party of 4 or 5 (which adds to the time of getting anything done in game); currently running a 4th edition game and playing in both a 4th edition and 3.5 game. I just know with that that a single combat, for instance, can take a good hour or two alone. Does combat go smoother/quicker in Warhammer?...

Titeman said:

The turns are longer, then number of rounds of combat are less. It takes longer to build a dice pool than roll against a static target number. However, combat encounters go for less rounds than DnD.