Now this would be the holy grail, although from what I've been reading so far, there are going to be major issues getting it to work properly. Last I checked, some folks had lost coins on the actual Android-phone wallet clients that are in use; I'll just let the bugs get worked out for now.
Bugs exist, but showing Bitcoin Wallet to people generates a lot of excitement when they see how extremely easy it is to transfer value via QR codes.
(Screenshots in link. App based on the BitcoinJ java library anyone who has any interest in Bitcoin adoption should put effort into supporting)
https://market.android.com/details?id=de.schildbach.wallet