Just tested between iPad and iPhone. Works as described.
e.g. On iPhone, opened a PDF in GoodReader, then using "Open In" exported the PDF to this app. Setup bluetooth connection to iPad, and the used "Send by bluetooth" to transfer the PDF from the iPhone to the iPad. On the iPad could then open the PDF in GoodReader, once again using "open in" from this app.
File transfer worked also in reverse direction from iPad to iPhone.
Was also able to transfer photos from camera roll.
The Bluetooth connection drops when another app is started, so it is necessary to transfer any files internally from other apps to Bluetooth Share, then setup the Bluetooth connection.
The app isnt great but it does work, which is fair enough given its free.
axeros about Bluetooth Share Free - Sharing Photos/Contacts/Files, v1.0.4