For a lot cheaper you can use an esp8266 and a ws2812 LED strip. The esp8266 is <$5 and includes wifi and a microcontroller that can be programmed in JavaScript, Lua, or C. Various ws2812 forms (strips, rings, matrices) are available for cheap on eBay. You can reproduce the functionality of an Phillips Hue for less than half the price. This is assuming that you can write your own smartphone app to communicate with the esp8266 and have decent soldering skills.

What I've noticed about the maker community isn't really related to disposable income. Most people with skills like programming and soldering have disposable income. The people that could benefit from saving money by making their own stuff don't usually have the skills to do so because they didn't have good schooling.

Actually I think price does have a significant role in the Maker mindset. I'm sure when they see one of these cool, but really expensive products, like the Hue, a lot of folks will say, "Oh, I could make my own for much, much less." and some will inevitably add "With blackjack and hookers!"

Anyone could benefit from saving money by making their own stuff, if they are interested (i.e., their time is worth it) and they have the knowledge and skills... and the project I suggested wouldn't take more than hardware skills than plugging things in and no more software skills than a few lines of Python.

I can't imagine the maker movement is made up of the idle rich, but of everyday people, some with mortgages and kids (like me), or some who are themselves kids. Given how much one of the main selling points we hear about neat new devices like the Pi is the price, I think your characterization isn't correct.

I'm sure in 10 years, something like the Hue will cost as much as a regular light bulb does today, but for those of us who don't have hundreds to drop on a cool colored lighting system for their homes, there are other options, just like you described, that are much cheaper and often not complicated at all.

The "Mi-Light" brand stuff you can find on Aliexpress and eBay is inexpensive (like this: http://www.ebay.com/itm/221527712289 ). No idea as to the quality, though.

True, although a lot of people don't know what to do with them and so get rid of them. I found a starter set (3 bulbs and base station) for $25 on Craigslist.