Send contact information via SMS and import received SMS into address book.

Note: the SMS format is defined as follows:
ez-contact#
first name
last name
email
company
address line1
address line2
city
state
zip code
cell phone
home phone

So if your friend does not have an iPhone, he/she can still see the information in clear text.
Or if you receive the information from a friend not formatted as described above, you can still paste it in the Import tab and reformat it before importing. (Tip: click on Details button and save to get the first line automatically before pasting the SMS content.)

Note: The application offers a "Merge" feature when it detects the same first and last name. Merge will only add data not already present in the address book. You will need to manually review the imported information and delete obsolete information.