Will my invitation only app be approved on the appstore? I am developing an ipad app and wish to publish it to the appstore. The problem is that the application currently is not very impressive as it's still in ongoing development.

I wish to show my users a welcome screen and allow only those users who have been invited to continue and see the entire application. Users who weren't invited will see a teaser and an option to signup for their own invitation.

My question is: Based on your experience will such an application be approved on the appstore?
I expect that they won't be accepted. You'd need to invite the approver(s) at Apple so they can use and check your app, for starters, and, in any case, this is what Ad-Hoc distribution and beta testers are for, as @Jason mentioned.