Much more complicated. An IR remote is a modulated signal (about 38 kHz). Different TVs use different codes. TV-B-Gone is basically a microcontroller, that store and generates these codes.
I'm building this, sort of... I re-did the PCB, so it was single-sided, and removed a few unneeded parts. Waiting on the microcontroller and resonator (UPS guy should have been here by now...). The firmware is in 'C', which I've never used, so no idea if I compiled it correctly. The PCB I made is 1"x2" (more or less...) .