An eagle-eyed tipster found evidence of iControl in the latest firmware release. Details aren't so much sketchy as non-existent, which suits me just fine - ladies and gents, let's speculate on the options.
1) iPhone becomes Apple TV. The iControl application will allow you to wirelessly stream music and video from your iTunes library to your iPhone, so you can watch videos in bed or listen to those obscure tracks that didn't make it onto your phone's 16GB drive. Likelihood 8/10
2) iPhone becomes Squeezebox Duet. iControl allows your iPhone to act as a whizzy remote control for your Airport Express home network - control what's playing in every room of your house. Liikelihood 4/10
3) iPhone becomes Slingbox. iControl allows you to access your iTunes library from anywhere in the world. Stream via Wi-Fi or - hell, why not - 3G. Likelihood: 3/10
Any more ideas?