Bluetooth 4.0 just got finalized and will start rolling out to devices by the end of the year. Along with extending range from 30 feet to 200 feet, 4.0 introduces a new low power mode that will be seen in either single or dual-mode iterations.
The single-mode chips are strictly low power which means it can be tossed into watches, remote controls, and a variety of health, fitness, and in-home sensors. Dual-mode chips combine that same low energy mode with the ability to transfer data over 802.11 WiFi, much like what we've seen with Bluetooth 3.0. Think of it like 2 Bluetooths. Or Blueteeth. [Bluetooth]