[chid]

In theory, that amount of time should allow for error correction (assuming there are more qubits to work with). The critical factor for computation is this dephasing time divided by the gate operation time (how long it takes to modify the qubit) which should be on the order of at least 10^5.

Single qubit operations have been shown to be on the order of 10's of microseconds for P nuclear spins in Si. (Unfortunately behind paywall, http://www.nature.com/nature/journal/v496/n7445/full/nature1...)