The length of time for hypo to be effective is different in each situation. The way hypo works is by interfering with the organism's ability to encyst and reproduce. Normally, after dropping off of a fish, the organism will land on the bottom and form a membrane around it while it goes through its nuclear division process. After a period of time, the membrane bursts, releasing a whole bunch of free swimming infectious buggers. Hypo works because the organism is not able to form a membrane, and therefore cannot reproduce, leaving it to die on the bottom.
That being said, if you had ich on your fish, and it was able to drop off and encyst before you lowered the salinity, it is possible that you have reproducing ich on the bottom of your tank right now, which will hatch, reinfect the fish, and then eventually drop off and not be able to reproduce. So, do not be freaked out if you see additional signs of new ich cysts on your fish for the first week or so.
Also, don't mistake an occasional air bubble for a new ich cyst. If something is on your fish one hour and not there the next, it might have just been a bubble. You can typically tell ich because you will see a raised area on the fish's body prior to a full eruption (the parasite imbedded under the surface). Almost like a pimple coming to a head, and then you will see the telltale white bump (the parasite engorged from feeding) and then after it falls off, typically a little area of scuffed up skin.
--Christy (Jeff's wife)