"Pending an Apple release" means that the binary was built against a version of iOS that hasn't been released yet (probably 4.2). You could try resubmitting with a deployment target of 4.0 if you need to get it into the store right away.
By "built against" do you mean mean "Base SDK" or "iOS deployment target" in Xcode? My base SDK is 4.2 but deployment target is 3.2 (it's iPad-only). Am I fail..?
Indeed, I checked Apple dev forums, and it must be the deployment target the parent is talking about. I was used to "built against" meaning Base SDK and really freaked out since my app is now waiting for review and I'm really time-sensitive now, unfortunately.
