It's an interesting idea, but the application is even more interesting. Along with the usual suspects for possible Apple devices that would use this app or technology, Apple has listed a "cyclocomputer," which is yet another hint that Apple is working on some kind of bike-related mobile device. In this case, two bikers would pass each other, their devices would recognize that there is a device to share information with, and the exchange would take place.
It sounds intriguing. Unfortunately, as with all of these patents, Apple is just locking down any ideas that it has. Just because this technology is outlined and listed in a patent application doesn't mean that there's a project right around the corner; it doesn't guarantee that we'll definitely see this product. But as always, it's fascinating to see where Apple's thinking is going. The company that originally released the Mac has now become the world's biggest portable device company, and it certainly seems like it plans to continue moving in that direction.