OK, here is my update. After some more checking, I have good and bad news:

1. Wivi Band is not MIDI, just audio.

2. No Remote output (I didnt see the cable Jordan was using, my bad)

3. Wivi Band was $10, now its $50 (Although still a great bargain)

The way I see it, you can still hook up a miniplug to 1/4 cable, run the output of the iPhone into your mixer, and have a great sounding, no latency instrument and cell phone at the same time......amazing. Now if they could just get rid of the cable, it would be like remote MIDI!
After going to the Wallander site, I heard this demo that really knocked me out. This is the 1st time I´ve heard sax´s and trumpets that sounded totally authentic. The lead trumpet screaming is amazing. Keep in mind, this is from the more expensive Brass and Sax Libraries. Still, this blows everything else out of the water! The best part is that these instruments run with very little CPU and RAM footprint. I was reading where you could run at least 100 tracks without any lag on the average laptop. Try that with Sample Libraries.

http://www.zshare.net/audio/57189960ed802ee2/

Enjoy!
Ed