Various applications are designed to use your iPhone device into remote. These applications allow iPhone to perform functionalities same as remote. But there is one problem that they require hardware cost. They are much expensive.
BlinQ TV is an application that is inexpensive as compared to other applications. It has a small plug-in device to turn your iPhone into a remote. By this application, you can search for TV listings and give suggestion for shows that you want to see. Moreover you can make conversation with people on Twitter and FaceBook that are also watching the show.
This cheap BlinQ app has few drawbacks. It takes time to turn into TV remote just like setting any programmable remote. You need to give the models and brands of your electronics in order to match functions and signals.
Other drawback in BlinQ is that the app destroys regularly. You can improve it by updates but still it need refinement.
Well! There are other applications too like YapTV that allow you to chat with people while watching TV. This way you can give comments on TV show and get reviews from other people watching TV show the same time but the conversation is no more enlightening.