6-12 hours in 1 gallon or so of bag water, with a drip going from the tank, to fill it up another 1.5 gallons or so, once the drip is completed, I add a powerhead, heater, half a fluke tab, and half a large dog interceptor tab. I leave those running for 6-24 hours. I'm terrible at inspection, and still don't know what to look for besides OBVIOUS problems.
Next time I get new corals I'm going to do iodine for the last 15 minutes as well. While interceptor and fluke tabs won't mess the corals up over a long period of time, any iodine based solution will kill the coral if you leave it for around 30 miniutes or so, I believe. Either way, you shouldn't do an iodine dip for more than 15-20 minutes. And never freshwater dip, as it more or less instantly kills SPS.