Wirelessly posted (iPhone: Mozilla/5.0 (iPhone; U; CPU iPhone OS 2_1 like Mac OS X; en-us) AppleWebKit/525.18.1 (KHTML, like Gecko) Version/3.1.1 Mobile/5F136 Safari/525.20)
To answer you question about it being faster: this option would be a heck of a lot faster than Bluetooth. Follow the procedure that hobbz outlined above and it will be almost as if you had an external HD connected through FireWire.