You can localize the Default.png file as if you localized any other. Thus, depending on the language of the device, the corresponding Default.png is used.
May I add that burst screens are strongly discouraged in HIG, your Default.png should look like the first screen to give the illusion that your application starts up faster. I have not heard that applications are being rejected due to the splash screen on the other hand.
Edit
You cannot add any custom behavior that decides which Default.png to use. Either you localize the file, or use Default.png without text.
Yannick compernol
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