Haha, I typed this up this morning and forgot to post it, then posted it and saw this thread, d'oh!
Yes this is a great setup:
1. Includes basic physical RF remote
2. Includes Smartphone apps (Android 2.3+ & iOS 5+ for iPhone, iPod Touch, iPad)
3. Wireless Hub blasts IR signals & Bluetooth
4. Supports control of up to 8 devices
This is a great deal since the touchscreen remote kit (the next step up) goes for $299 (although it supports 15 devices). I prefer a dumb remote with long battery life, and if I misplace that, I can use my smartphone to control it. VERY nice setup!