Xmultiple has developed a new and patent pending technology called FlashPoint.

FlashPoint provides users the freedom to transfer files between flash drives, "Sharing-On-The-Go" (SOTG), without the need of a notebook computer or cumbersome USB Bridges. Think of it as a simpler version of an USB OTG enabled device.

FlashPoint ShareDrives have an integrated female USB connector and the drives have a battery built-in. Pushing a button starts to copy files.
ShareDrives are available in 128k, 256k, 512k, 1GB and 2GB sizes. FlashPoint ShareDrives start at $69.99 for the 128MB model. The 2GB model sells for $229.95. More details on the ShareDrives site.