It appears that Apple delayed the release of Playon in the App Store (it was supposed to be available July 15th) due to reviewal. It make me wonder if this has something to do with complaints from Hulu or Netflix (since you can stream Hulu from Hulu.com instead of needing to pay for Hulu+).
the review process is unpredictable, any company that actually gives a date the app will be ready before its actually been approved is just crazy. Approval process takes anywhere from 7 days two 3 months.