The iPhone App Store has been live for over a year, but Apple has been somewhat guarded over just how they approve or reject applications to the App Store for the iPhone.
However due to the FCC investigation into why the Google Voice app was rejected, Apple has been kind of forced to open up more on the subject of app approval and thus giving a broader understanding of how the App Store works reports Cnet.
Apparently Apple gets 8500 new apps and updates each week and has a team of 40 people who are responsible for reviewing and every app gets reviewed by 2 people. 80% get through without change, while 95% are approved within 2 weeks or less. For the full article on how the App Store works hit up the link.