There are a few Android devices support Wi-Fi Direct sharing, because the protocol requires Ice Cream Sandwich and jelly bean. Many device haven't included support in the OS system, but Android app could make two phones/tablets to connect and transfer video and photos.
WiFi Shoot! [Beta] wirelessly transmits photos and videos directly from device to device using the WiFi Direct technology. After installing the app on both devices, just select the local media you want to send and tap "Wi-Fi Shoot" from share menu. They will be paired and start beaming.
I have tested it on many devices: nexus 7, galaxy nexus, galaxy s2, galaxy s3, HTC One S, Asus Tf300 and Asus prime.It works flawlessly, better than Bluetooth. Transferred a 50 MB 1080p video in a couple of seconds.