Whrrl is a kind of location based social networking service that allows you to "discover places, movies, and events by seeing where your friends are going." You can read (and leave) reviews of stores, restaurants, etc. Unfortunately, it's limited to 17 metro areas but they say new cities are being added regularly.
iControl produces home monitoring and control products. So your iPhone would allow you to control home automation products (e.g. climate system, lighting, etc.) as well as monitor in home cameras and other security systems.
Kleiner Perkins reports receiving over 1700 applications for the iFund and in addition to these two has made an offer to another, as yet undisclosed, startup. They are "seriously considering another 10."