Check if UIColor is dark or bright?

I need to determine whether a selected UIColor (picked by the user) is dark or bright, so I can change the color of a line of text that sits on top of that color, for better readability.

Here's an example in Flash/Actionscript (with demo): http://web.archive.org/web/20100102024448/http://theflashblog.com/?p=173

Any thoughts?

Cheers, Andre

UPDATE

Thanks to everyone's suggestions, here's the working code:

- (void) updateColor:(UIColor *) newColor
{
    const CGFloat *componentColors = CGColorGetComponents(newColor.CGColor);

    CGFloat colorBrightness = ((componentColors[0] * 299) + (componentColors[1] * 587) + (componentColors[2] * 114)) / 1000;
    if (colorBrightness < 0.5)
    {
        NSLog(@"my color is dark");
    }
    else
    {
        NSLog(@"my color is light");
    }
}

Thanks once again :)