Walkera are going to release a new smartphone enabled hexacopter. Don't have too much information right now about prices, flight time or video range. But I am hoping that the recent release of the QR X350 pro quadcopter means that walkera are focusing on longer flight times. The Y100 hexacopter will have apps for iPhone and android which will control the hexacopter over WiFi. The video feed will also be sent over WiFi so I expect the range to be similar to the ARdrone. I think this will be a fun toy depending on the price!
And also check out the cool follow me / return home mode that seems to use the actual wifi radio signal to measure direction and distance to your phone!