First off, my wife and I have both got iPhones. We've just put a TV into our bedroom, but there is no aerial point. So instead of drilling holes through all the walls, I have brought the TV cable for the iphone. It all works brilliantly, can now watch TV in bed.
The downside is having to get out of bed every time to change the channel.
I've looked at the universal dock that comes with a remote, but that only appears to control the ipod part of the phone. So by remote accessing the one that is connected to the TV would solve everything.

ok.. had a rethink. If I just use my pc as a go between that should solve it. (Control iphone from pc, then conrtol pc on the other iphone).
The issue I'm having now is, there doesn't appear to be many apps for controling your iphone from your pc without jailbreaking the phone first.
Does anyone know how to do this?

Well using the phone would be good as I do a lot of travelling and have movies stored on my phone. So would be nice to control it by other means. Nothing to do with showing off. If I wanted to, I would have got a mini projector for it lol.
Will just have to wait for the jailbreak I guess.