Dave Winer, OG blogger, podcaster, developed first apps in many categories. Old enough to know better. It's even worse than it appears.
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I bought my iPhone on June 29 last year, the first day they were available. A couple of months later, I realized I wasn't using my Blackberry and a couple of months after that, I turned it off. I don't miss it, even though I loved it when I was using it because it meant I didn't have to lug around my laptop to be in…
I wouldn't invest in or develop an iPhone app because Apple could decide not to approve it, and if they don't approve it you can't sell it. You can't even give it away. You don't find out if you've been approved until the last step, after you've fully invested, so you could lose, totally, if Apple says no.