I’m keen to have a mooch/play around under the hood, hopefully I’ll be proved wrong. The current Apple App submission process is far from being a smooth and easy process, it’s slow and cumbersome and communication is poor. Now add in iAds to the mix… and what if Apple don’t like the ads we’ve submitted, what if they don;t meet their exacting criteria? Only time will tell. And lastly…

And lastly, Apple are demanding 40% of revenues, which seems rather high.

Update: 2010-04-13 17:18pm – Here’s some links to related articles as the story unfolds.
Apple to Lend Hand to iAd Producers [AdAge]
Apple iAd Platform: A Case of the Rich Getting Richer [PCMag]
iAd for the Win as iPhone 4′s Biggest Blockbuster [Macnewsworld]
Is Apple Trying to Create a Mobile Ad Monopoly on the iPhone? [148apps]

The latter article deals with a clause in the Developers agreement that states:
Section 3.3.9:
…the use of third party software in Your Application to collect and send Device Data to a third party for processing or analysis is expressly prohibited.