Lets say I submit my app for approval now. I set Availability Date to something like Nov. 30, 2011, because I have not yet decided when I really want to release my app. Then fortunately, my app gets approved.
For the record, I did search for similar questions, but still not satisfied with the replies in the other posts. Thanks in advance!
Once the App Review Team has approved your app, its status will appear as “Ready for Sale” in iTunes Connect. However, your app may take up to 24 hours to appear on the App Store.
In itunesconnect "App Store" tab and "iOS APP" heading, select the rejected version. In the right pane where the description and screenshots appear, scroll down to "Build". Click the red minus sign beside the rejected build to remove it. Resubmit the new uploaded version.
Processing can take a few hours or up to 7 days (or longer in exceptional cases), as it depends on the review time that your app is subject to. Tip: We recommend that you adjust your planning to include a buffer period of at least a week between submitting your app and going live.
Pending Developer Release indicates that the version of your app has been approved by App Review and you have turned on the Version Release Control, but have not yet clicked Send Version Live.
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