Sure, it's not as multi-function as some items (remember the Bowring Fire Tool?).
It's not as gadget-y as a newfangled door chock design.
Hell, it's not even as DIY-and-practical as some of the widgets on VentEnterSearch's "What's In Your Pockets?" page.
But it's damned cool, and I'm kicking myself for not thinking of it first.
Station Supply Co. has a wide variety of colors and prints from all manners of hose, and I think they've done a pretty snazzy job of it. It doesn't seem like there'd be much in the way of edge protection, but it would certainly make an iPhone less slippery when you're holding it.
I'm still facepalming over this one. This could have been my big kickstarter campaign, you never know!