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Will apple allow an application that uses only 3rd party ad APIs like the following:
https://github.com/mopub/mopub-client/wiki/IntegrationHowToIOS
http://code.google.com/mobile/ads/docs/ios/fundamentals.html
to pass into its App Store?
Yes, they do, plenty of apps use non-iAd ads. You may also want to check out Millenial Media and Moblix.
Edit: And yes, as W Dyson says, you can maximize your revenue by using several networks at once, so that you’ll always have an ad (iAds fill rate isn’t 100%, so if you use them only, you’ll end up not having an ad quite often).
If you look at some popular apps – like Words With Friends – you’ll see that they sometimes show an iAd, but sometimes (probably even more often times) they show non-iAd ads, or even their own house ads about their other games.