I don't see this app replacing business cards any time soon. Although it provides a potential way to make this process paperless, it does nothing to actually make the biz-card exchange faster.

In fact, Bump turns a one-step process:
1. do you have a card?

into a 3-part Q&A session:
1. do you have an iPhone?
2. do you have the Bump app?
3. do we even have decent, location-aware network connectivity here?

At a minimum they should eliminate the location-aware requirement which requires additional data transfer. I've been at enough tech conferences and events where wifi is virtually inaccessible and mobile network access is spotty or downright crippled (*cough* SXSWi) to stick with paper for the time being.

A better solution to ease the digitization of networking contacts would be OCR of a business card transferred directly to the address book after being photographed with the camera.

Because exchanging business cards is so 2008. Bump is cool - if you have the app open, and someone else has the app open, you just gently bump fists, and all of your contact info is exchanged - photo, phone, email, etc.

For this to be really useful, Bump needs to be ubiquitous. So far, I've only been able to successfully exchange contacts with my wife, which isn't all that helpful.

Still, Bump is a cool idea.