Bloomberg reports that Apple and Google have opted out of an app-rating system announced by the CTIA-The Wireless Association. The system, which was developed and will be run by the Entertainment Software Rating Board, will bring a rating system to apps, similar to what currently exists for video games. Ratings range from from appropriate for all ages to mature content intended for adults only.
Apple and Google already have review guidelines in place. Apple's can be seen through the Developer's site and Google's developer site holds guidelines for the Google Apps Marketplace. In early 2010, TUAW took a look at a report weighing if the ESRB should be in the App Store, and I agree with fellow blogger Mike Schramm's opinion that Apple's current vetting system is more than adequate.