Hello! 

I modified the MLP4DSM controller that came with my Blade mSR X helicopter so that I could read it with my Android phone (Galaxy Nexus, but anything with 3.1+ will work, except for the Samsung Galaxy Tab 10.1, which has some issue reading generic USB devices.)
Then I flipped the connection around so that I could actually fly the helicopter with the phone. This app will do either. Here's a video if it reading the controller: http://youtu.be/gq2x3DVq7gs 

All it takes is an FTDI USB to 3.3v TTL serial board, three wires, and some basic soldering skills. Its easier though if you can find an extra MLP4DSM controller to butcher. I got one for $15 on ebay.

The app is pretty messy. It was written mostly on one Saturday, fighting sleep to quench my curiosity. I'd like to see someone with more skill really make something nice out of it, but in the meantime I'll be messing with it when I can. Oh, and you'll also need the FTSerial driver, that you can find on my GitHub. Its the same as the original one from ksksue but I added the 125000 baud rate for the blade.

I'll add more info soon, but there is some useful info here:

I got most of my info from the following places:

Initial confirmation of the idea, and some pics of the wireless board:
http://www.gizmowatch.com/entry/how-to-build-a-remote-controlled-helicopter/

Serial Data Format:
http://www.rcgroups.com/forums/showthread.php?t=721024

Android FTDI library:
https://github.com/ksksue/FTDriver

USB Host mode adapter for the Galaxy Nexus is here:
http://www.amazon.com/gp/product/B005FUNYSA/ref=oh_o00_s00_i01_details

Same for Samsung Tablets is here:
http://www.amazon.com/gp/product/B005YWIRBS/ref=oh_o01_s00_i00_details
But note that the 10.1 refuses to see these devices, so it will not work with that. I've messed extensively with it and it looks like it would need a new kernel at best. I've tried a few aftermarket kernels with no success so far. The new Galaxy Tab 7+ works though!

FTDI adapter like the following is perfect:
http://www.sparkfun.com/products/9873
Mine was the 5v version but they provide a jumper you can cut and solder in a different spot to convert to 3.3v. Thanks Sparkfun!