Here's a video of two Zunes engaging in some safe exchange of content. First you pick a song, hit share, and a list pops up of the Zunes nearby. Click send, and your Zune prompts the other
guy's girl's Zune to accept your song. Sending takes around 10+ seconds, if this video is in real time—there was a cut in the middle so we're not sure. Not too speedy, but decent enough so that you're not sitting there twiddling your thumbs.
Microsoft Zune Video pt. 2 [Mobility Today]