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TransferJet only works 3cm from the device. As the name implies it designed to "transfer" data really quickly without plugging in devices between each other.
Bluetooth will still be used for your accessories. WiFi still used to connect to the internet.
Hitherto, if you wanted to transfer say a photograph between two devices, say your cellphone camera to your own point-and-shoot then you had to go through an intermediary (your PC). Either send yourself an email, then connect the device via USB or copy the picture via SD.
Now you just have to touch the two transferjet devices to each other after selecting what you want copied. takes a few seconds maximum. Beyond that you should be able to easily transfer data between devices that previously you couldn't transfer data between without a PC (like TVs, Printers, cameras, cellphones, MP3 players, etc)
You should be able to say, pick a song you have on your MP3 player and touch the TV to have it play that song, and/or touch the sound system and have it play it. Theoretical possibilities are endless.
..the real question is how much they could have this technology adopted. They seem to be off to a good start.