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L5 Technology has launched a new accessory for your iPhone and iPod Touch that will turn it into a universal remote to control your HDTV and the rest of your home entertainment equipment.

The L5 Remote is a small infrared dongle that plugs into your iPhone or iPod Touch, it comes with a free application that features everything you need to control your home entertainment setup.

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“With the fast pace of innovation in the smartphone market, handhelds are becoming the consumer electronics platform of choice, causing disruptions across many markets. We see peripherals that connect smartphones to the physical world as key components in the revolution,” said Wade McNary, founder and CEO of L5 Technology. “Leveraging the power, versatility, and portability of handheld devices, and following Apple’s philosophy of design elegance and simplicity, we have solved a common problem. This one small device reverses a long trend toward complexity in remote controls.”

The best part about the L5 Remote, is the price, it will retail for just $49.95 and will come with a free iPhone and iPod Touch application, which would make it a lot cheaper to use your iPhone or iPod Touch as a universal remote rather than buying a stand alone remote.

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