Reminds me of Firmata project [0]
Does pin control, but also PWM, analog, and extensions. Uses existing well documented protocol, has firmware for every Arduino and other boards, GUI tools and bindings for a lot of languages.
This seems like a somewhat similar idea to the USB Bit Whacker -- UBW <http://www.schmalzhaus.com/UBW/index.html>. The original UBW used a PIC 18F2550 directly connected to USB.
[0]http://firmata.org/wiki/Main_Page