It's been done before with iPhone Apps and IR sensors, but at $9.99 this is by far the most affordable solution right now.
My TV Remote is downloaded for free at the App Store. Through the App, users can pay the $9.99 to order the infrared dongle, which connects to the headphone jack. It's compatible with all of your iDevices (iPhone, iPod Touch and iPad) which means that if you use the iPad, you have a very big remote that is very hard to lose.
Unfortunately, we haven't been able to get our hands on it yet, but we are definitely interested.
We've read about social networking capabilities (this recommends shows based on what is popular), you can also check what your Facebook friends are watching and chat with them through the a comment thread on the show. The App also features a TV guide that lets users read about what's on television.
Right now the device only controls television sets, according to MobleCrunch, but the developer will be adding compatibility to other set-top boxes (Blu-Ray players, DVD Players, etc.) that make use of IR sensors.