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@Howard
Yes - this is true.
If the seller made a commitment to have it boxed and posted in two weeks, and has not made an attempt to commit to an agreeable alternative date then by all means go ahead and push the nuclear button.
If no date for posting and delivery was agreed on before the money was transferred then it comes down to what either party believe is reasonable. In this case the seller might think two-three weeks is reasonable. As a seller, I'd then be pissed if someone then hit the nuclear option without coming to me first and trying to negotiate a reasonable delivery date.
The next step in this is to get a firm commitment for a date of postage / delivery. If no date can be agreed on, or if the date is outside the bounds of PP buyer protection then ask for a refund. If no refund is forthcoming then hit the nuclear option.