And this is why it will be denied. Opera mini is
not a web browser. It is a viewer for a proxy server. This is a huge security risk because you're not just trusting the remote server, but you also have to trust Opera as well. And when dealing with SSL, the entire thing falls apart.
I think that they only way this could or should be accepted is if it doesn't support HTTPS at all. And even then it should pop up a very large disclaimer stating that everything you browser will be visible to Opera.
All in all, this is just a gimmick. If they wanted to really prove their point, they'd have ported their actual browser to the iPhone. Then they'd have something to complain about. The mini version of Opera has a place on underpowered handsets, but the iPhone is more than capable of running a full browser. But as it is, I don't think that this can be seen as anything more than a publicity stunt.