But you must stay within shouting distance of each other right? You can't just bump phones and then leave, correct?
Personally, I don't think bumping phones is a bad idea, but it seems odd how they have decided to market it. Especially considering that Bump has been doing it for years now.
Also, as ElectricBlue187 points out, radio waves. And Internet. The thing I'd really want to share with people I first meet is not a photo, or pirated film, but contact information - and that's probably best done via message or Facebook - then photos, video clips, and what not can be shared through that, like millions of people do per day already. What might be nice is to add bump to the Facebook app, then when you touch phones it asks you if you want level of info you want to share, done.