Working Ti.Storekit example for 3.2.2GA. Has now been approved by Apple. This is for non-consummable on-device IAPs only.

storekit.js

var Storekit = require('ti.storekit'),
	DZDynamicType = require('com.dezinezync.dynamictype'),
	lang = Ti.App.Properties.getString('language');
	
Storekit.receiptVerificationSandbox = (Ti.App.deployType !== 'production');
Storekit.bundleVersion = 2.3.1; //TODO set current bundle version here
Storekit.bundleIdentifier = bundle; //TODO set bundle id here
var verifyingReceipts = true;

var win = Ti.UI.createWindow({
	backgroundColor:'#fff'
});
 
/*
 We want to show the user when we're communicating with the server, so let's define two simple
 functions that interact with an activity indicator.
 */
var loading = Ti.UI.createActivityIndicator({
	height:50, width:50,
	backgroundColor:'black', borderRadius:10,
	style:Ti.UI.iPhone.ActivityIndicatorStyle.BIG
});
var loadingCount = 0;
function showLoading()
{
	loadingCount += 1;
	if (loadingCount == 1) {
		loading.show();
	}
}
function hideLoading()
{
	if (loadingCount > 0) {
		loadingCount -= 1;
		if (loadingCount == 0) {
			loading.hide();
		}
	}
}

/*
 Now let's define a couple utility functions. We'll use these throughout the app.
 */
var tempPurchasedStore = {};
 
/**
 * Tells us if the version of iOS we are running on is iOS 7 or later
 */
function isIOS7Plus()
{
	if (Titanium.Platform.name == 'iPhone OS')
	{
		var version = Titanium.Platform.version.split(".");
		var major = parseInt(version[0],10);

		// can only test this support on a 3.2+ device
		if (major >= 7)
		{
			return true;
		}
	}
	return false;

}
var IOS7 = isIOS7Plus();
 
/**
 * Keeps track (internally) of purchased products.
 * @param identifier The identifier of the Ti.Storekit.Product that was purchased.
 */
function markProductAsPurchased(identifier)
{
	Ti.API.info('Marking as purchased: ' + identifier);
	// Store it in an object for immediate retrieval.
	tempPurchasedStore[identifier] = true;
	// And in to Ti.App.Properties for persistent storage.
	Ti.App.Properties.setBool('Purchased-' + identifier, true);
}
 
/**
 * Checks if a product has been purchased in the past, based on our internal memory.
 * @param identifier The identifier of the Ti.Storekit.Product that was purchased.
 */
function checkIfProductPurchased(identifier)
{
	Ti.API.info('Checking if purchased: ' + identifier);
	if (tempPurchasedStore[identifier] === undefined)
		tempPurchasedStore[identifier] = Ti.App.Properties.getBool('Purchased-' + identifier, false);
	return tempPurchasedStore[identifier];
}
 
/**
 * Requests a product. Use this to get the information you have set up in iTunesConnect, like the localized name and
 * price for the current user.
 * @param identifier The identifier of the product, as specified in iTunesConnect.
 * @param success A callback function.
 * @return A Ti.Storekit.Product.
 */
function requestProduct(identifier, success)
{
	//showLoading();
	Storekit.requestProducts([identifier], function (evt) {
		//hideLoading();
		if (!evt.success) {
			alert('ERROR: We failed to talk to Apple!');
		}
		else if (evt.invalid) {
			alert('ERROR: We requested an invalid product!');
		}
		else {
			success(evt.products[0]);
		}
	});
}
 
/**
 * Purchases a product.
 * @param product A Ti.Storekit.Product (hint: use Storekit.requestProducts to get one of these!).
 */
Storekit.addEventListener('transactionState', function (evt) {
	//hideLoading();
	switch (evt.state) {
		case Storekit.TRANSACTION_STATE_FAILED:
			if (evt.cancelled) {
				alert('Purchase cancelled');
			} else {
				alert('ERROR: Buying failed! ' + evt.message);
			}
			evt.transaction && evt.transaction.finish();
			break;
		case Storekit.TRANSACTION_STATE_PURCHASED:
			if (verifyingReceipts) {
				if (IOS7) {
					// iOS 7 Plus receipt validation is just as secure as pre iOS 7 receipt verification, but is done entirely on the device.
					var msg = Storekit.validateReceipt() ? 'Receipt is Valid! Thanks for purchasing!' : 'Receipt is Invalid.'; 
					alert(msg);
					if (msg == 'Receipt is Valid! Thanks for purchasing!'){
						markProductAsPurchased(evt.productIdentifier); 
					}
				} else {
					// Pre iOS 7 receipt verification
					Storekit.verifyReceipt(evt, function (e) {
						if (e.success) {
							if (e.valid) {
								alert('Thanks! Receipt Verified');
								markProductAsPurchased(evt.productIdentifier);
							} else {
								alert('Sorry. Receipt is invalid');
							}
						} else {
							alert(e.message);
						}
					});
				}
			} else {
				alert('Thanks for purchasing!');
				markProductAsPurchased(evt.productIdentifier);
			}
			
			// If the transaction has hosted content, the downloads property will exist
			// Downloads that exist in a PURCHASED state should be downloaded immediately, because they were just purchased.
			if (evt.downloads) {
				Storekit.startDownloads({
					downloads: evt.downloads
				});
			} else {
				// Do not finish the transaction here if you wish to start the download associated with it.
				// The transaction should be finished when the download is complete.
				// Finishing a transaction before the download is finished will cancel the download.
				evt.transaction && evt.transaction.finish();
			}
			
			break;
		case Storekit.TRANSACTION_STATE_PURCHASING:
			Ti.API.info('Purchasing ' + evt.productIdentifier);
			break;
		case Storekit.TRANSACTION_STATE_RESTORED:
			// The complete list of restored products is sent with the `restoredCompletedTransactions` event
			Ti.API.info('Restored ' + evt.productIdentifier);
			// Downloads that exist in a RESTORED state should not necessarily be downloaded immediately. Leave it up to the user.
			if (evt.downloads) {
				Ti.API.info('Downloads available for restored product');
			}
			
			evt.transaction && evt.transaction.finish();
			break;
	}
});

function purchaseProduct(product)
{
	if (product.downloadable) {
		Ti.API.info('Purchasing a product that is downloadable');
	}
	//showLoading();
	Storekit.purchase({
		product: product
		// applicationUsername is a opaque identifier for the user’s account on your system. 
		// Used by Apple to detect irregular activity. Should hash the username before setting.
		// applicationUsername: '<HASHED APPLICATION USERNAME>'
	});
}
 
/**
 * Restores any purchases that the current user has made in the past, but we have lost memory of.
 */
function restorePurchases()
{
	//showLoading();
	Storekit.restoreCompletedTransactions();
}
Storekit.addEventListener('restoredCompletedTransactions', function (evt) {
	//hideLoading();
	if (evt.error) {
		alert(evt.error);
	}
	else if (evt.transactions == null || evt.transactions.length == 0) {
		alert('There were no purchases to restore!');
	}
	else {
		if (IOS7 && verifyingReceipts) {
			if (Storekit.validateReceipt()) {
				Ti.API.info('Restored Receipt is Valid!');
			} else {
				Ti.API.error('Restored Receipt is Invalid.');
			} 
		}
		for (var i = 0; i < evt.transactions.length; i++) {
			if (!IOS7 && verifyingReceipts) {
				Storekit.verifyReceipt(evt.transactions[i], function (e) {
					if (e.valid) {
						markProductAsPurchased(e.productIdentifier);
					} else {
						Ti.API.error("Restored transaction is not valid");
					}
				});
			} else {
				markProductAsPurchased(evt.transactions[i].productIdentifier);
			}
		}
		alert('Restored ' + evt.transactions.length + ' purchases!');
	}
});
 
/**
 * WARNING
 * addTransactionObserver must be called after adding the Storekit event listeners.
 * Failure to call addTransactionObserver will result in no Storekit events getting fired.
 * Calling addTransactionObserver before event listeners are added can result in lost events.
 */
Storekit.addTransactionObserver();

/**
 * Validating receipt at startup
 * Useful for volume purchase programs.
 */
if (IOS7) {
	win.addEventListener('open', function() {
		function validate() {
			Ti.API.info('Validating receipt.');
			Ti.API.info('Receipt is Valid: ' + Storekit.validateReceipt());
		}
		
		/*
		 During development it is possible that the receipt does not exist.
		 This can be resolved by refreshing the receipt.
		 */
		if (!Storekit.receiptExists) {
			Ti.API.info('Receipt does not exist yet. Refreshing to get one.');
			Storekit.refreshReceipt(null, function(){
				validate();
			});
		} else {
			Ti.API.info('Receipt does exist.');
			validate();
		}
	});
}
 
exports.showStore = function(){
	win = Ti.UI.createWindow({
		title:L(lang+'_store'),
		titleAttributes:({
			color:'#fff',
			font:{fontFamily:'HelveticaNeue-Light', fontSize: Ti.Platform.osname == 'ipad' ? 28 : 24}
		}),
		backgroundColor:'#fff',
		barColor:"#0f75bd",
		statusBarStyle: Titanium.UI.iPhone.StatusBar.LIGHT_CONTENT,
		width:Ti.UI.FILL,
		height:Ti.UI.FILL
	});
	
	var tableView = Ti.UI.createTableView({
		top: Ti.Platform.osname == 'ipad' ? 20 : 20,
		rowHeight:35,
        backgroundColor:'transparent',
        separatorStyle:Ti.UI.iPhone.TableViewSeparatorStyle.NONE,
        showVerticalScrollIndicator:false,
        scrollable:Ti.Platform.osname == 'ipad' ? false : true,
   	});
	
	var closeBtn = Ti.UI.createLabel({
		text:'Close',
		color:'#fff',
		font:{fontFamily:'HelveticaNeue-Light', fontSize:Ti.Platform.osname == 'ipad' ? 24 : 20}
	});
	closeBtn.addEventListener('click',function(e)
	{
		navControl.close();
	});
	win.setLeftNavButton(closeBtn);
	
	var restoreCompletedTransactions = Ti.UI.createLabel({
		text:'Restore',
		color:'#fff',
		font:{fontFamily:'HelveticaNeue-Light', fontSize:Ti.Platform.osname == 'ipad' ? 24 : 20}
	});
	win.setRightNavButton(restoreCompletedTransactions);
	restoreCompletedTransactions.addEventListener('click', function () {
		restorePurchases();
	});
	 
	function addLabel(array,idx,text){
        requestProduct(text, function (product) { 
			var itemTitle = Ti.UI.createLabel({
	            text:product.title,
	            color:'#444444',
	            font:{fontFamily:'HelveticaNeue-Light', fontSize: Ti.Platform.osname == 'ipad' ? DZDynamicType.preferredSize()+8 : DZDynamicType.preferredSize()},
	            textAlign:Ti.UI.TEXT_ALIGNMENT_LEFT,
	            height:Ti.UI.SIZE, width:Ti.UI.SIZE,
	            top:Ti.Platform.osname == 'ipad' ? 15 : 10, left:Ti.Platform.osname == 'ipad' ? 30 : 20, bottom:Ti.Platform.osname == 'ipad' ? 15 : 10
	      	});
	      	var buyItem = Ti.UI.createLabel({
	      		text:'Buy for ' + product.formattedPrice,
	            color:'#444444',
	            font:{fontFamily:'HelveticaNeue-Light', fontSize: Ti.Platform.osname == 'ipad' ? DZDynamicType.preferredSize()+8 : DZDynamicType.preferredSize()},
	            textAlign:Ti.UI.TEXT_ALIGNMENT_LEFT,
	            height:Ti.UI.SIZE, width:Ti.UI.SIZE,
				top:Ti.Platform.osname == 'ipad' ? 15 : 10,right:Ti.Platform.osname == 'ipad' ? 30 : 20,bottom:Ti.Platform.osname == 'ipad' ? 15 : 10
			});
			buyItem.addEventListener('click', function () {
				purchaseProduct(product);
			});
						
			array[idx].add(itemTitle);
			array[idx].add(buyItem);
		});
    }
    
	var data = [];
	var productTitles = [
		//Enter in your product strings here, my app has 13
	];
    
    win.add(loading);
    showLoading();
    //The following appears to be needed as more than seven products cannot be called at the same time.
    for (i = 0; num = 7, i < num; i++){
       	data[i] = Ti.UI.createTableViewRow({selectedBackgroundColor:'transparent', height:Ti.UI.SIZE});
       	addLabel(data,i,productTitles[i]);
   	}
   	setTimeout(function(){
		for (i = 6; num = 13, i < num; i++){
		   	data[i] = Ti.UI.createTableViewRow({selectedBackgroundColor:'transparent', height:Ti.UI.SIZE});
		   	addLabel(data,i,productTitles[i]);
		}
		setTimeout(function(){
		   	tableView.data = data;
		   	win.add(tableView);
		   	hideLoading();
	   	}, 2000);
	}, 3000);
	
   	var navControl = Ti.UI.iOS.createNavigationWindow({
		window : win,
		statusBarStyle: Titanium.UI.iPhone.StatusBar.LIGHT_CONTENT
	});
	 
	return navControl;
};

"We found that your app has incorrectly implemented receipt validation, so it does not properly distinguish between the review (sandbox) environment and the production environment. This is resulting in a validation query to the production servers instead of a sandbox receipt check, and is preventing us from being able to review your app."

So I think the problem is line 5, but I'm not sure what has changed from six months ago when the original module example was last updated.