It seems like for now, no, the Iphone can't do much else with Bluetooth.
This raises a good question: why offer Bluetooth 2.0 + EDR if the only use the iPhone is making of it are things that a 1.1 stack could've done?
That high data rate connection would make an awesome tethering device to allow mobile internet to a laptop in the absence of WiFi, but there's no current capability for it. No OBEX or A2DP either. Why?