According to NetBlender, iPhone and iPod touch users will be able to control their Blu-ray players using an application called BD Touch. The application will use the network capabilities of Blu-ray hardware and Apple's handheld devices to transfer data, allowing you to do many different things beyond controlling movie playback. It's a technology that is built into our professional Blu-Ray authoring tool that will allow studios, independent movie companies to enable BD Touch features.
These features send data in two directions from the Disc to the Iphone and vice versa. Video, Audio, text, and player commands can be sent. So right now it seems everyone likes the "remote control" idea. However the player can control the IPhone as well. One idea is to automatically pull up IMBD of the movie you are watching right on your Iphone or send the movie information a movie database on your phone.