Certainly
But the question is what will they use it for, not whether it is an amazing design breakthrough.
In fact, it looks rather crude, for its dimensions, which is why I'm inclined to think it is intended for machine-data exchange, rather than human user interaction. Indeed, a simple light-emitting display, coupled to software at the scanning end, that was programmed to look for it, could greatly increase the range at which a 2D bar code, for instance, could be identified and read, using fairly low quality camera feeds. Recognisable variations in baud rate at the transmitter would be a typical means of making the signal distinguishable over large distances and poor quality feeds - which would, again, explain why you'd have it as a separate display output on your device.
Go to website - flash handset at web cam - log in.
Go to checkout - flash handset at security camera - authorise transaction
So, there you have it: that's my suggestion. Rampant commercialism, seamlessly integrated with a surveillance society, and built into a high street product, at the behest of Steve Jobs... I'm sure that's control-freaky enough to whet the appetites of both opposing poles (or should that be 'proles'), in this typically bi-polar debate.