Conduct a jam session via FaceTime.
As I noted earlier today, people are addicted to being connected. The iPhone and other advanced phones / PMPs also have the ability to act as microphones or metronomes or music sheets or even tuners. It's not hard to see the uses for a product that connects your phone or handheld to your guitar.
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Gearlog reports that the Guitar Sidekick will fit an iPhone, many different types of smartphones and media players and small tablets as well. It will fit on any guitar and does not affect the acoustics of the instrument. Each Sidekick comes with a one-year warranty and a price of $29.99.