It means that the changes made by your contribution have been approved and are now available for download by other members to incorporate the new information/changes to their database.

edit: sorry northbloke... just beat you to the punch!!  + to you for your answer too.

It means the screeners have reviewed the changes and blessed them.  Then sometime overnight (rarely it might take a second night) the main database is updated.

Then you can click Online => Refresh Updated Profiles and pick up any approved (Released) updates relating to your DVDs.

edit: elbows are flyin' among the responders!

What's the UPC/EAN of the DVD and we can go check?
Also, does it say "Released" for both profile and image, as one can be accepted and the other declined?

In that case it sounds like the images were never submitted for some reason.
You can submit them separately, just make sure you tick the "include cover scans" box.

The option is there but it is grayed out or whatever you want to call it, I cannot select it.

I dont know whats going on.  It just worked for one movie and not the others.  This is wierd!

Yeah, that's got me stumped too. I've just checked in my program and the only time I get it greyed out is when there is no cover scan on the profile.
All I can suggest trying is making sure you have your cover scans saved somewhere, then clearing them from the profile and re-adding them, see if that helps at all.

Edit: if you want to email me the images and the UPC/EAN of the profile I'll be happy to try and submit them on your behalf.

Yeah, both covers have to be there for your to submit, but putting the front cover twice is perfectly acceptable if there is no back cover (it even tells you to do this in the rules).
To try and answer your questions:
When you submit a new profile, the submission is examined by a screener (usually Gerri Cole) with 24-48 hours, it doesn't go to a vote because it's not in the online database yet.
When you submit a change to a current profile, then for the next three days anyone who has that same profile in their online collection can examine it and vote on it. After those 3 days it then goes to the screener who decides to accept or decline.
With regards to "no" votes. If someone votes no on your submission it does not guarantee that it will be declined, but they are taken into account when screened. In theory a submission can get all "no" votes but still be accepted, or get all "yes" votes and be declined!
If someone votes no, they have to leave a reason why. If you read that reason and you agree, then change and resubmit - it will simply overwrite the current pending submission. If you don't agree, try discussing it (politely) with a private message. If it's because your notes are unclear or incomplete, remember you can edit them without having to resubmit.