I may be wrong, but my understanding is that only with the 3.0 release of the iPhone OS software will this functionality be available. Restrictions on what Apple will allow (ie hardware control) has been a limitation in their licence agreement to allow the software to control any kind of hardware device, but that is being changed with the 3.0 release.
That's not to say that it works, but I suspect there is more to it than it being vapourware. In my experience, the author has released several versions of the (non-PRO) version, and each one had significant improvements over the last.
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