Oh wow that is VERY COOL. That could go on so many things, right next to your payment address you can show what it *should* look like when you pay.
That's exactly the purpose of it 
.Is it possible to "scan" the identicon and decipher the address? Like a custom QR code?
No, you can treat it like "visual hash" and it's not reversable.Still very cool. Do you think you could do one for Litecoin? Is the project open source?