It duplicates functionality the iPhone already has, does that mean they'll reject it to be consistent or will they approve a bunch of other apps that have been rejected for that reason ?
All of the existing browsers ultimately use Safari's DOM/JS engine. What would be really interesting is if there were a Gecko or a full Opera engine based browser. Opera mini isn't really a browser, it's a proxy, so I'm not sure this would fall under the same category anyway.
It should also be noted that Apple's approval team doesn't seem especially concerned with consistency. Case in point their inscrutable "explicit/adult" content critera.
