The CordCruncher is a bit lower-tech than usually catches my attention - it was mentioned in passing in a comment on the Pebble E-paper phone-display (record-setting kickstarter, almost $4 million at this writing with a month to go) - skip the marketing video until you've watched the "How To Crunch" one down below (or skip to the 0:30 mark to see the first bit where someone uses the product instead of just looks pretty near it.)
The unfortunate bit is that they're actually integrated with the headphones, and not a separate product. (Probably easier to sell that way, though.) Still seems a really clever way to protect a thin cable from tangling and looping around things, so maybe a later version will come along that can be retrofit. (I don't actually use earbuds, so this is one of the few kickstarters mentioned here that I won't be backing - but I still think it's clever, and it's already at 2.5x goal.)