2 ways of doing it, the magic eye doesn’t plug into your sky box it plugs into the feed into the tv, so a long lead isn’t required. So if you want to hide the sky box away that will do the trick, as long as it’s a direct connection, it wont work if the signal goes through a splitter box.
I’ve got a one for all which is a bit different, it’s a base station with a lead coming out of it with a couple of IR bits, you stick these over the IR sensors on your home equipment, then you replace one of the batteries in the remote with the included rechargable battery/transmitter which sends the signal over. Benifit of these is it works with anything not just sky. Trying to find mine online somewhere now….
Edit: Link http://www.avstorm.co.uk/prod.asp?product_idx=1855&imgstate=0 Oneforall SV1100 apparently! Paid a lot less than that though..