This is actually a pretty neat idea. It would be nice if someone came out with a solution like this for WinMo phones. I could finally use a small device that has a keyboard and could do all the features my Harmony can (kind of). Maybe Logitech should release something like this instead of a new remote (since they don't seem to be adding a keyboard to their remotes anytime soon).
How was the response time? I've set my cell up for wireless control using webguide before, but the delay time sucked. It was like 2-3 seconds from the time I hit a button to the time it happened on the TV.
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Very cool device, but I suspect that it won't be long before they have competition and the price starts to drop. Just yesterday I downloaded and installed the free logitech software that allows you to control PCs or Macs with an iphone of ipod touch over wifi simulating a touchpad and keyboard. I was amazed at how responsive and how well it works. I know Hipporemote is a similar product geared towards controlling specific apps on a PC.