This just very cool in a very nerdy sort of way. I kinda wish it was less gimmicky, on the other hand I assume bump uses the time stamps of the shake and the key down to figure out which two devices are trying to talk. I wonder what the threshold for collision is?
Anyway, very cool and I could actually see a use for this, sending photos of whiteboards to colleagues that don't run Mac/have an iPhone. Would have to compete with email/dropbox for ease of use, but it does seem very simple on the receiving end, just surfing to a web page.