"In a world where everything must go through the rules and regulations of an app store without any oversight we, the developers, will suddenly be in the same abused stage as artists are with their labels."
Compare that to the way how artists who sign with a major label are treated. It's clear who is getting the better deal.
What these two groups have in common is that their work is vetted, and the catalogs they wish for their work to end up in are curated. The chances of a musician being picked up by a record label are way, way, way slimmer than the chances for a developer to be accepted into Apple's developer program and having the privilege to publish their apps in the App Store.
Does Apple publish all apps that are submitted for consideration? No, and I'm glad that it doesn't -- there are plenty of lousy programmers out there. As a consumer browsing through the App Store, I regularly find lousy apps that aren't even worth downloading for free. If anything, I think Apple should be more diligent.
So if you're doing the app equivalent of pop music (twitter apps, casual games), you're probably fine. But try to do something more ambitious, and they'll crush you (well, close the only channel to the customers, at least)