It's not the first solution around, but at $19.95 it might be the cheapest.
My TV Remote isn't bringing too much to the table in the way of innovation, but in terms of affordability it's high up there.
The new product from Ryz Media is a combination of software and hardware that allows you to send IR signals from your iPhone to your home theater, much like the RedEye from ThinkFlood. It features a similar integrated channel guide as well.
Perhaps the biggest difference between the My TV Remote and RedEye is the price, since My TV Remote is less than half the cost of the competition.
My TV Remote also comes with a pair of IR transmitters, so you can have a pair of remotes, rather than just the one.