ThinkFlood has just killed the first RedEye product which went on sale in December for $188, with the massively-superseding RedEye Mini. It costs only $49 and plugs into the iPhone's 3.5mm jack instead of via a clunky plastic dock.
The RedEye Mini connects to the jack, and after entering a unique code into your iPhone or iPod it then loads the app, which provides the interface for controlling your TV, stereo, or other home devices. Changing TV channels can be achieved by flicking the iPhone around like it's a wii-mote, and dragging two fingers down the screen turns the volume down. [ThinkFlood via Engadget]
UPDATE: Apparently, unlike the first RedEye, the RedEye Mini doesn't support more than one room, and there's no need to enter a code to download the app either.