Their network device connects to their iControl web service, then it looks for all of the iControl devices wirelessly (I don't think that this is using a 802.11 protocol). Then you can log into their service to see the status of your devices.
The functionality of this seem to be comparable to X10 devices, but it is in an integrated package, so I am sure that it would be easy to use.
The iControl service will also have a version that is accessible though devices that have a limited interface, like cell phones.
The iControl is not shipping now, and they have not listed the price of the packages or their service.