Here's a short video I threw together demonstrating the phone. It's pretty spur of the moment, and the video quality is low, but you may be able to get an idea of how it works: http://www.youtube.com/watch?v=dF_-jQc53jw
Sorry I'm late getting back on this. Since I did a lot of the low-level work getting Inferno running, I suppose I have as much knowledge about it as anyone ;)
For your first question, that depends entirely on whether or not the Android command-line tools allow you to set up an ad-hoc wireless network. If so, then yes. If not, then no.
As to the second question... I have never tried it, but you should at least be able to import /dev/draw from another device and do stuff with that.
Also check out https://bitbucket.org/floren/inferno/wiki/Home for screenshots.