It's been done many times before, though not at the same price point. eg Micasaverde does this for Zwave/Insteon/etc.
Indeed. I just picked up a Vera Lite, and I've been completely reworking my Z-Wave network. It's a great little box, and relatively inexpensive for the functionality it adds to my system. The software needs a lot of work, though, and my remotes are seriously neutered, for some reason. They have less than half their original functionality, and I can't figure out why.
On the positive side, today I was out and about and remembered I forgot to turn off the lights in my office at home. I was able to use my phone to turn them off from wherever I was

That was pretty neat.