You're ridiculous! I was going to keep this a secret until I released the new wallets, but that may still be a while, and the feature is technically already done. If you hadn't specifically requested exactly what I just finished a few days ago, I was going to leave it to be part of mega-release with the new wallets 
That's amazing! Actually, one of the reasons it would be great to have this in the GUI is that you can create a QR code for each sheet of paper. That way it doesn't matter as much how much data there is. Netbooks have built in cameras and can easily scan the codes.
Meni, you're right about m-of-n transactions, they are certainly much more flexible and powerful. However, it's going to take a while for them to be properly implemented and managed by the Bitcoin community, and I see this as a great temporary solution.
Btw, etotheipi, I had the pleasure of meeting you at the Bitcoin Summit in Philly -- we were on the panel together at the end.