Today, Steve Jobs announced the App Store to go along with all of the SDK fun that's soon to begin. Available in the iPhone 2.0 software update, the App Store will allow for easy navigation of both paid and free apps; Featured, Just Added, Staff Favorites, Most Popular ... it's basically an iPhone version of Apple Downloads. You'll be able to search, tap and download applications wirelessly to your iPhone (and iPod touch for a nominal fee) via WiFi or cellular. You'll also be able to install apps via iTunes.
Developers will be able to sell their apps in the App Store, and can set their own price. They'll receive a monthly payment of 70% of sales, with 30% going to Apple for their credit card, hosting and marketing services. There are no additional costs for listing apps, after the $99 setup fee.
Quite predictably excluded from listing in the App Store are pornography and malicious applications. I have absolutely no witty comment to make about that. It's common sense.