This is similar to numerous devices from startups, such as the Tactilu bracelet, which transmits touch from one person to another. As one user touches her bracelet, the other user feels it on his.
You'll be able to "reach out and touch someone" with your smartphone as a matter of course. Whatever you touch on screen will be conveyed to the other person if he or she is holding a compatible phone. The generic vibration pattern of your phone's vibrate mode will be replaced by custom patterns of vibration for specific individuals, so you'll know who's calling without looking at the phone.
What's amazing about this isn't the practical laziness of having the information that a specific person is trying to reach you, but the psychological experience of near telepathy where you suddenly "feel" a person's presence.
We are just at the beginning of the "Neo-Sensory Age." Over the next couple of years, extremely lifelike haptics will be integrated into all kinds of devices. It will reach the point where consumer expectations will compel vendors to integrate high-quality haptics into all of their gadgets.