Before getting into the App Store, Jobs made an introduction to HTML5, one of the two platforms which Apple supports. A timely statement, given the events surrounding the open web in the previous week.

Jobs transitions into talking about the approval process of Apps approval process, a seemingly daunting task.  There are over 225,000 apps in the app store. Over 15,000 apps submitted per week in 30 languages, and 95% of apps are approved within 7 days.  For the 5% who aren’t approved, here are a few key reasons as to why: 1) The app doesn’t funciton as advertised. 2) Use of private APIs, and 3) the app crashes.  Regardless, Jobs reiterates, 95% are approved within 7 days.

Jobs moves to describing some of his top apps and quotes John Donahoe, eBay CEO: “We launched the eBay application on the iPhone last year — 10 million downloads. It did $600 million of volume in its first year. It’s going to do $1.5-$2billion this year”.

Three more apps and speakers come to the stage to talk about their up and coming app entertainment apps.

Reed Hastings, CEO of Netflix goes on stage

For a while now, Netflix has remained the #1 app in the entertainment catagory within the app store. With so much attention, they respond to user-requested features.

Hastings announces that Netflix will be coming to the iPhone this summer for free. You can take movies you’re watching on your TV and continue htem on your iPhone seemlessly.

Mark Pinkus, CEO of Zynga goes on stage

You can access your FarmVille farm from the iPhone, purchase animals exclusive to the iPhone such as the (harhar) Snow Leopard, and even get push notifications for your crops.

It will be available by the end of June, in time for the one-year launch of the game.

Karthik Bala, SVP, of Activision goes on stage

Guitar Hero with 40M sold world wide is now available for your iPhone.  The game utilizes tapping mechanics, strumming, and slides, taking advantage of the touch display on the iPhone. The demo looks amazing so check it out if you have time.

It’s available right now for $2.99.

Jobs comes back on stage.

Just last week, Apple crossed 5 Billion Downloads from the app store.  Apple gives 70% of this revenue to their developers and just a few days ago, cross the $1 Billion mark given to their developers.

He ended it on this good note.