Epic YES! Since the moment the original iPhone came out with its WiFi goodness, I've been begging asking for a way to use the iPhone to control the similarly connected iTunes, Front Row, and Apple TV. And now Apple has answered! (Er... except for Front Row, see below). And not only for the iPhone. While I'll use that term exclusively below, everything here also applies to the iPod Touch.
Remote is FREE, and available either via iTunes (picture above) or right from your iPhone 3G via the App Store. It's not hard to find, currently dominating the Top Free Apps charts. If you're not sure how to use App Store yet, check out Brian's excellent overview
to get you started.
I chose to download directly from the iPhone so I could test out the 3G experience. It was fast. (However, when I later synced back with iTunes -- my first time post App download -- I was asked to re-authenticate my MacBook with the iTunes Store before it would sync the App for backup).
How did it work? Read on!