I hope they are back on a 7-day schedule. I'll know in 2 days!
I'm surprised that nobody has started a mega thread on this forum to document all the various reasons why Apple may reject your app. A couple of things come to mind, e.g. no direct poop references, no negative references to any actual person, no prostitution references, warning message needed for apps that need internet connectivity, no references to features that haven't been implemented, no excessive/continuous use of vibrate, no excessive use of bandwidth, no unauthorized usage of trademarked terms or images.
My impression is that the process is pretty straightforward -- the reviewers are basically checking your app against a list of no-nos. The challenge for us devs of course is that nobody knows for sure what's on that list.