I think the next logical step for this would be to have the software recognize bar codes such that you could simply use your camera's phone to scan the code, rather than having to type in the UPC.
QR codes might work better for low-res cellphone cameras. I have a QR reader (http://reader.kaywa.com/) on my phone and it works pretty well, even with only .3 megapixels. I never use it though, since QR codes don't seem to have much uptake (yet?) in the US.
this could really take off if it remembered my billing info and phone# and brought their '1-click' tech mobile, so that I didnt have to go through the data entry process each time I want to buy stuff
How does Amazon TextBuyIt know where to ship my item and how I want to pay for my order?
Amazon TextBuyIt uses your mobile phone number to find your Amazon.com 1-Click default settings for the shipping address and payment method when processing your order. You can manage your 1-Click default settings by going to Your Account on Amazon.com. You can use TextBuyIt regardless of whether you use 1-Click.