You can make payments with nfc at places like starbucks and retail stores.
windows phone to windows phone you can share apps (open store), webpages and contacts. You should also be able to do it with 2012 android phones. -- I found the key to success but somebody changed the lock.
I wanted to update the thread that I did figure it out, had to go to a picture and hit share then tap and send for it to work. Transfers are fast and once you tap to establish you can walk quite some distance away while transferring.
One of these days I am going to stop by Mcdonalds and try out the google wallet feature.