I found this handy accessory for the iPhone today and although I have no need for it, it took my interest. The iPhone has the aluminium band around the edge of the device, and the 3mm jack is set into the device, so the iPhone earphones insert well enough, but for any other earphones when the wire protrudes horizontally to the jack insertion is really impossible.
So obviously this device reaches the 3mm jack on the iPhone so you can use any pair of earphones you want to, this will be perfect for fans of shure earphones or any other high end earphones.
So yes, I saw a product of this ilk emerging soon, and I am sure it will be a well selling accessory for the iPhone.