The rules are silly and I commend Lee for his boldness (I'd originally typed "ingenuity" but there's nothing very clever about what he did - it just takes sorely lacking balls to go through with it and announce it).
Any one of the third party apps on your 'phone right now could be collecting credit card and other sensitive data and sending it anywhere because Apple don't really do any significant binary analysis, as Nick has confirmed with this exercise.
So, the question ought to be: why are you trusting anyone except Lee, who has been honest even though it will guarantee that his app is pulled?