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Only problem: pockets
I wonder how two-way communication would work - flashing your laptop screen?
probably a dedicated peripheral, which you need to capture the light patterns anyway (right?).
Bulbs won't work. The article is better than its heading, though. (LED do work.)
So how do you seed your torrents at night? Sleep with the light on?
I think it can use be adapted to use infra-red.
On a similar note I was wondering if the iPhone (screen or elsewhere) could produce enough IR radiation to function as a TV remote? Any thoughts?

Perhaps flash the screen backlight to produce IR signals?

You'd have to flash it at something like 38 kHz, but I have a feeling it doesn't support that.
Just in case there are any angels or venture investors out there, we are working on a startup that competes directly with this technology. My co-founder, easily the smartest engineer I have ever known, has been developing LED drivers and controllers for the past 3 years. This evening he called me to let me know he had passed the 4 Mbit/sec threshold. His goal is to transmit full HD video over optical. This is significant because there is no other method for transmitting Hi-def video wirelessly.

It is incredible what can be done with low cost micro-controllers and a little low-level assembly know-how.