This effort has largely been a success you can even purchase Microsoft Word at the Mac App Store today. The process is fast: 90% of apps submitted are approved within 15 minutes or less, which is sometimes faster than ordering a pizza.
Apple checks to make sure code is free of any known malicious code or malware. The approval process isn’t about the content of the app, but the safety of the code. Registered Apple developers who create an app they don’t want to offer through the App Store just need to send their app in for approval by Apple.