Using Bluetooth is a simplest and common way to wirelessly transfer files from one phone to another, but the problem here is low transfer speed. The new WiFi Direct technology offers high-speed data transfer without having to go through an access point – ideal for transferring big multimedia files (even 1080p videos) at blazing speed. Here is how to transfer files between Android phones using WiFi Direct technology.
WiFi Shoot is an application (still in beta) that uses built-in Android WiFi Direct API to transfer files between devices. Android 4.0 Ice Cream Sandwich and Jelly Bean devices support Wi-Fi Direct technology. Unfortunately, not all ICs or Jelly Bean devices have this technology built-in.
The limitation of WiFi Shoot is that, it only works for local media. That means photos or videos from Picasa or G+ that are shown in the gallery will not work at the moment.
See this video to get an idea about the working of WiFi Shoot.
Final thought: The application has enough potential and, of course, is an interesting means to transfer big files quickly. However, it is unfortunate that not all manufacturers have implemented this functionality on their devices.