Last year around this time, Sonos introduced its Controller for iPhone, a free application that essentially turns the device into a remote control for any Sonos system. The software performed nearly all of the tasks of the $399 Sonos remote and drastically lowered the price of entry for the otherwise spendy wireless system.

A year later, Sonos is building on the success of that app, launching an all-in-one wireless music system specifically designed for it. The ZonePlayer S5, as the company calls it, encapsulates Sonos’s multi-component system in a single device that can be controlled by an Apple (AAPL) iPhone, iPod touch or computer.

It’s a sort of iPodless iPod speaker dock or, rather, an iPod speaker dock where the iPod can be carried with you. The S5 can stream music from the iTunes library of any computer or networked hard drive. And with five speakers–two tweeters, two three-inch midrange drivers and one 3.5-inch woofer–and a 5 Class-D digital amplifier, the sound is likely to fill a room pretty well. Priced at $399, the S5 is expected at market on Oct. 27.

The estimated bill of materials for the G1: $144. The estimated bill of material for Apple’s 8GB iPhone 3G: $160.

Now, iSuppli’s estimated bill of materials for the G1 is based on component and materials costs alone. It doesn’t account for other expenses like research and development, software, shipping and distribution. It does, however, account for “wow factor,” of which the G1 apparently has a paucity. Though Tina Teng, iSuppli senior analyst of wireless communications, described the G1’s interface as better than average, she said it “still has a gap to close with Apple’s interface” and “lacks the wow factor of some of its slicker competitors.”