App Store approval process, is there one?

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How do App Store apps get approved and by whom? Is there a formalized process or are they left to someone’s discretion? Will FCC help us get a better understanding of how this somewhat “mysterious” and confusing process works?

These are just some of the questions I would like to have answered as I would like to use some of the apps they (Apple and/or AT&T) rejected or limited so far like Google Voice and SlingBox.