Any iPhone can play video, but that little 3.5 inch screen just isn't going to cut it if more than a couple of people want to watch your latest magnum opus. By plugging your iPhone into this Mili Pro LED projector, you can create a picture as big as 70 inches across. Although as with most of these tiny projectors, the limited light output means 30-40 inches is probably a better size if you want a reasonably bright picture.
The clamshell design folds open to reveal a built in dock for an iPhone or iPod Touch, or you can use its VGA and AV ports to connect external sources such as a DVD player or computer. There's even a tiny pair of built in speakers to give you some audio. Resolution is 640x480, so don't expect this to magically become some kind of spectacular home theater in your pocket.
The Mili Pro should sell for a little under $300 when it arrives in September.