I have been working on this with an eye toward a commercial product for a few years, in fact it's what got me started with LiquidFyre Rocketry (see my profile pic, and ExPac build threads). When I first started high power rocketry my dad challenged me to build a steerable recovery so he wouldn't have to walk so far. I have had some limited success with a remote control version, I even managed to land my rocket about 40 feet from me under remote control. I've also had a few deployment issues mostly due to underestimating the load one of these style chutes can create upon snapping open. Mostly though, while I have developed what I believe to be very nice mechanics, I have no ability to design and program the electronics and have been looking for a partner to help with the development. My test rocket was badly damaged at Mini MWP in the spring and with my most recent set backs I have had no time to rebuild the rocket. I am quite certain Apogee will beat me to it.
Someday I plan to offer active stabilization and GPS guided recovery, but that day is probably years away.