Here is an interesting new product. B and O is mentioned at the end of the faqs.

ThinkFlood :: The RedEye Remote Control System

Promising - but this is the B&O bit!

"As far as devices using infrared technology, RedEye works with just about everything. We know of one exception, and it is temporary: Bang & Olufsen devices. The issue is that our infrared learning unit does not operate in the frequency range that B&O devices use. However, our infrared LEDs can handle those frequencies, so once we have a remote control code database in place, we will be able to control B&O devices, as well"

iRed/irTrans already have the B&O translation figured out.

http://www.irtrans.de/en/multimedia/

Both thinkflood and ired have fairly clunky iPod Touch interfaces - they could have spent a little time designing something "nicer."
Definitely where things are going, though, particularly after yesterday's avalanche of iPod/iPhone news.

Like the look and cost of iTrans however,I personally use(and sell to be fair!!!!!!!!!!)a HC200 from Control4, it costs more, but then it can do so much more, Lights, CCTV, HVAC, Media Streaing etc etc.

Have promised to produce a YouTube demo. Will do so soon and post a link.