Well, this will be fun to watch play out. The oddly colored newspaper Financial times has launched a new app that works on the iPad but doesn’t work out of the Apple app store. That way, FT avoids paying the huge standard commission Apple is charging as it tries to ramp up the print and magazine business for the iPad.

From the NYT:

It employs a new Web technology standard called HTML5, which allows programmers to create a single application that can run on a variety of devices, including Apple’s iPhone and iPad, Google’s Android system and the BlackBerry PlayBook, although the new app does not work on some versions of the devices.
The Financial Times said it would encourage users of its iPad and iPhone applications to migrate to the new app. It said it did not plan to comply with Apple’s proposed conditions, even if that meant Apple removed the existing applications from iTunes.
“We don’t quite know what will happen,” said Rob Grimshaw, managing director of FT.com. “We’d love to keep our app in iTunes, but it may be that they will block our app at the end of the month.”

Ball’s in your court, Apple.