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superchunk said:
Keywords are IR Blaster.

You'll have to position the IR blaster (sold separately) coming out of the back of your Xbone to the front of the device you want it to control.

So it will only control one device at a time (stereo, tv or cable/sat box... not all at same time).

While this is interesting, I think its not very practical.

No.  The Kinect acts as an IR Blaster.

Built into Kinect are three IR LEDs.  The signal is blasted out into the room, and if it all works as planned, reflects back into the device you're trying to control.