You will be able to see the purchase on your Paypal account indefinitely.
With late shipping and non-arrival, be aware that you only have 45 days to file an Item Not Recieved dispute with eBay/PP. After that you will have to phone the credit card you actually paid with (PP is just the mediator) and ask about a chargeback.
Do NOT allow a seller (especially an Asian one) to 'send a replacement'. He won't.