What we've learned is that Apple has been consistently improving on the time it takes to get applications approved. What was once an agonizing wait has now been reduced to just about a week on average to get applications approved.
Even if your iphone app isn't approved, you should get back a detailed response on why it wasn't approved and what you can do to change it and re-submit. Unfortunately, you would be placed in the back of the queue - which now isn't as bad as it once was.
With iPhone application development, it is wise to do a general feasibility analysis on an app idea even before having it developed (to prevent wastage on time and money before the damage is done). Having worked on multiple apps that have flirted with the boundary of the app approval process, Appizer helps companies determine the viability of an app idea before construction.