iTether is currently showing up as unavailable in the iTunes App Store. iTether, which was approved and released yesterday, let users tether their laptops to their iPhones without having to pay any additional fees to carriers. Another tethering app, Netshare, was approved and then later removed in 2008.
Whether iTether has actually been removed by Apple or the developer, temporarily or permanently, remains to be seen but the developer has claimed they were in communication with Apple throughout the app approval process. If Apple couldn't have, or simply didn't want iTether in the App Store, it's strange they'd approve it at all.
Update: Tether just let us know they've released a statement, and confirmed Apple pulled the iTether app from the App Store. Their site is currently getting hammered so we're reproducing it here. Please do click through and give them a comment with your thoughts. Tether.com: