As of now, it's not clear when "iControl" will be released or whether it will even be released for that matter.
There's a possibility of the Apple iPhone doubling as remote control to surf Apple iTunes and play music sometime in future.
Apparently new code found in the latest iPhone firmware update hints at such a possibility of Apple working on an application called "iControl" that will allow users connect wirelessly to local iTunes libraries including podcasts, music, and so on.
As of now, it's not clear when "iControl" will be released or whether it will even be released for that matter but since launch of the software development kit (SDK) for third-party developers, rumors about Apple mulling official iPhone applications have been widespread on the Internet.