In some new reports they did a controled deflation of the dome, though it still only took a couple of minutes. They also mention that if all the doors were closed and the fans were turned off it would take 4 to 6 hours to deflate.
So will they repair or replace it? BC Place Stadium will be home to opening and closing cerimonies for the 2010 Vancouver Winter Olympics as well as numerous events coming up this February.
Here is a short video captured of the size of the tear in the dome: