[khangtoh]

>> 3. Hosting content on Parse requires no App Store review, thus introducing no delay/resubmission via iTunes Connect.

I think that's incorrect unless you are not selling the content through IAP. You would still need to create an IAP product in order to complete the iTunes IAP receipt validation.

However, for most games, it's designed so users buy virtual currencies and content purchases are not directly tie in to IAP products.

[andwang]

You are correct in that you would need to create your product and get your product approved. However, the product's associated content does not need to be approved. It is my understanding some App store (not necessarily Apple) in the future may require the content itself be reviewed.