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I'm actually helping a friend try and close one of these currently, so I'll give you my feedback working these in the Tampa Bay area.
Some things may vary state to state, but from what I've seen, the short sales aren't priced exceedingly below market, as there are many home owners nearing foreclosure that are willing to sell outright for less and take a loss to avoid bankruptcy.
If you find a home you like that is in the short sale process you can place an offer, think of your offer more like a bid on the home and the listing price like a suggestion, sometimes the banks want more then the ask. The accepted offer must be approved by not only whe home owner, but also the bank and an additional 3rd party, which I think might be an independant mediator. It's a bit of a drawn out process and from what the agents are saying you're looking at 60 to 90 days average for this process to run it's course.
Now, occasionally you can find a home where an offer was previously approved but the sale did not go through, so say the buyer's financing fell through or the parties couldn't reach an agreement post inspection. If you find one of these if you place a duplicate offer you can close on these with close to a 30 day time line as you would expect with a normal purchase.
I'm not sure if it's just because the housing market here is a little more depressed, but the short sales in my area don't always beat what's out there w/o all the baggage. So far it's been alot of hurry up and wait. The house is nice and my friend has the time, so I hope it works out for her. She put in the offer slightly above listing price hoping it would speed the process along but so far no luck with that, the bank is still evaluating the offer.
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