I think it's overall a good thing, it keeps the worst of the crap out of the store.
On the other hand I don't like that there's a lot of stuff we can't do. And the delay is frustrating at times - especially if you discover a really nasty bug that's leading to lots of bad reviews, and it takes you about 30 seconds to fix it plus a week of waiting and watching your ratings drop!
I think they should have some kind of trust system or something. Devs that have released 5 apps get a fast track where they just check the basics (which are probably automated anyway).