We liked the original RedEye product that transformed your iPhone into a universal remote control, but we thought that the $188 price tag was bit much. It looks like we weren't the only ones thinking this, because ThinkFlood has just nixed the original RedEye and released a cheaper alternative, the RedEye Mini.
This was pretty quick, because the first RedEye went on sale only in December. The RedEye Mini will cost you only $49 and plugs into the iPhone's 3.5mm jack. It's a lot more streamlined than that big plastic dock.
All you need to do is to connect the little device to the jack, and load the app. It can control your HDTV, stereo, as well as other devices. The app exploits the accelerometer of the iPhone for its controls. You can just flick it around to change channels, and control the volume using a two-finger drag.