Hi,
The iPhone developer community has been going crazy about this since the 19th, thousands of Apps have been approved but you can only find them by doing a search. It seems that there is some overnight updating procedure that sometimes falls over and since it happened just before the weekend they aren't getting to it until today.
I emailed iTunesConnect and they responded saying they expect to have a resolution by the end of today.
It's very frustrating for developers since the best chance for people to see our apps are when they are a new release. My App was released on the 20th, so now when the store is fixed it's likely to appear underneath all the apps from the 21st onwards. Perhaps on around page 4. I talk about it in my blog.
Maybe if iPhone users email them at
itunesconnect@apple.com as well and inform them how it needs to be fixed they will get onto it sooner.
Cheers,
Travis