It's quite simple really and I was feeling rather pleased with myself when I came up with the idea only to find that Frsky had the same idea a couple of weeks later.
Anyway the basic idea is that what gets sent through a trainer cable is the PPM frame you can see on this graphic both on the top and bottom (the two red graphs):
So any receiver that outputs a PPM frame can be used to do this.
As far as Frskys portfolio goes that would be either this one:
http://www.frsky-rc.com/ShowProducts.asp?id=48or this one:
http://www.frsky-rc.com/ShowProducts.asp?id=80To wire it all up what you do is you take either of those two receivers and wire a trainer cable to the signal and ground pins (ie. the yellow and black cable on a servo) of the PPM output (eg. channel 8 on the first receiver i linked to).
Then all thats left to do is plug that trainer cable into the teacher port of the teacher radio and provide it with power, preferably an external 5V battery so you dont suck the teacher radio's battery dry.
For the student radio you need one thats equiped with either an Frsky transmitter module (for the V8R7-SP) or a Futaba transmitter module (for the TFRSP).
The last step is to bind the student radio with the receiver thats plugged into the teacher radio and it should work as if youre connected via cable.
From our experience with it thus far (about 2h of flying I'd guess) it works very well and is a lot more comfortable than having to watch out not to get caught up in the cable.