Interesting that the new Maps makes no mention of public transit support. Is that gone completely now? It looks like your app can register as a "router" to support different types of navigation routing, but it would suck if that is no longer built in.
And we will see whether Apple will allow such app in their store. I would imagine they will not, because they would rather have people using their own maps, but perhaps they will be benevolent this time.
Apple seems to have moved away from disallowing apps for "duplicate core functionality" - we have GVoice, Sparrow, Camera+ now. I don't see how they could not allow it.
If I had to guess, Google will attempt to get it into the App Store before iOS 6 is released. Apple will probably end up delaying approval of the app for a few months after iOS 6 to let users become accustomed to using their own solution.
I'm sure the transit providers would be happy to provide the same feed to Apple and Google, but it looks like Apple want to make something new and incompatible.
Supposedly it integrates with third-party apps. If done well, this would be great--in Seattle, I have to integrate directions from Maps with information from OneBusAway by eyeball.