It could be accepted.
Apple forbids code interpreters other than Apple's own, BUT this is Opera Mini, not full Opera Mobile. Mini executes JavaScript server-side and only sends rendered result to the phone. There's likely no (turing-complete) interpreter on iPhone side, so it should be fine within terms of SDK.
Apple has already accepted number of WebKit-based browsers, so browsers in general aren't forbidden.
And for iPhone users, especially on EDGE, there is very good reason to use Opera Mini: it's going to be faster. iPhones before 3GS are also very low on RAM, and Safari only uses RAM for caching. Presumably Opera Mini would be able to keep many more tabs open and fully cached.