Here's yet another thing the iPhone can do: it's a universal remote. This ThinkFlood RedEye system includes a dock that communicates with your iPhone via WiFi, creating those infrared (IR) signals that your AV components obey.
Like our favorite Logitech Harmony 900 remote, the RedEye's macro operation is sophisticated, letting you create "actions" that turn on multiple components for, say, watching TV, or watching a Blu-ray disc. You can arrange the buttons on the touchscreen however you want, and you can even use multitouch slides to control functions such as volume.
Besides its steep $188 price, the only disadvantage we see is that when you're watching TV, it's better to have physical buttons that you can operate without looking at the remote. But that eyes-free multitouch function takes care of channel changing and volume, the main functions you use while watching TV. Nice. Take a look at the video of the RedEye in action: