Deep Thought

I have enough trouble keeping my amp, guitar and pedals working without an issue on stage as-is, why on Earth would I want to involve my phone in that chain of potential failure between pick-up and and input jack?

As seen on Macrumorslive.com:

11:37 am Final demo — Line6 and Planet Waves. Together they are working on a solution to control your guitar and amp from your iPhone.

11:39 am More demo technical difficulties — trying to show how easy it is to switch between settings on an amp and guitar.

11:41 am Can adjust guitar tuning without actually physically changing anything — nothing can be demoed however, as the hardware accessory isn’t communicating with the iPhone.

That looks like fail to me.