Shure's iPhone headphone adapter is supposedly now available at some Apple Stores. Amazon still says the release date is November 14th. $40 is the Amazon price, which seems like a lot for a headphone cable, though it does include the in-cable control button. It also looks like a lot of cable, when all I really want is something to escape the recessed jack. Something other than Belkin's grotesque grey thing.
Someone noticed this cute little thing that used to come with the iPod Shuffle Sport Case works great, and now small vendors are taking up the slack with similar products. See also eBay.