Though there are already ways to control your iTunes, the thought of the ability coming straight from Apple is an all new kind of excitement. A remote control application from Apple for the iPhone would allow it to have all sorts of functionality that Apple would not allow a 3rd party application to have. This rumored application, aptly named iControl, could bring iTunes control to your iPhone.

This code discovered from the latest iPhone firmware build sports these strings, which shows some sort of application, or ability to control iTunes from the iPhone. The application would allow you to connect to a local iTunes library. You would have the a ability to stream and control media from the iTunes application. Just like with the Apple TV, this would all be done wirelessly.

Apple would be building a new navigation client for the application. Supposedly it would function much like the Apple TV's navigation. You would be able to preview and listen to music, podcasts, and even view videos. There is no time frame for when we might see this application. Hopefully it will show up on the new App Store once the new firmware and SDK come out of beta.

[Via TUAW]