Andreas Hölldorfer of ChaozLabs wrote an article detailing how he hacked the cheap WiFi LED controller:
This pictures show the PCB. As you can see there are pins labeled as RX,TX,GND,3.3V. I simply connected an USB-Serial converter to the pins. The two other pins are GND and GPIO0. If you set a jumper between this two pins, the controller starts in bootloader mode.
The chip above is a NXP HC245, a 3-state Octal bus transceiver. It is used to drive the N-channel MOSFETS (20N06L – 20 A, 60 V, N−Channel DPAK).
The power supply is a 2 stage design. A AOZ1212 3A Simple Buck Regulator to convert the input voltage to about 5V and an AMS1117 low dropout voltage regulator to get 3.3V.
More info at ChaozLabs site.
Check out the video after the break.