Actually, you can make it compatible with all the functions that a Beo4 can perform ...
Check out iRed and irTrans -- the latter is the hardware and the former the software. What you want is iRed 2.0, which should be released any moment (I know they are working on it). Several members here are using previous versions to emulate a Beo4 (search the site). You get the irTrans box, which contains infrared emitters (you need to specify that you want the B&O compatible one), iRed software, which helps you configure for your electronics, and then you assign virtual key functions.
I'm using my iPod Touch to control playback from my mediacenter of music and films, to various stereos around the house. WIth Remote Buddy's Music function I can pick a song, pickthe computer or which Airport Express it's supposed to play from and have feedback as to other selections, what I'm listening to, etc.