So we have these lovely apps like Moto Torch which can use the flash LEDs to transmit morse code from text. The only problem is the feature is only a gimick unless you're in an emergency situation dealing with someone who can actually read morse code.
As such, what we need is an application that can read morse code for us using the camera and having a small box in which the light pulses could be centered. I realise this would be far harder to code than something like mototorch, but it would be a lot of fun to use for starting conversations with random people in say the hotel tower across from your apartment, or on the other side of a river, or across a concert hall.
Sure, it's not "needed" but it would be fun, and open up a whole new way to communicate with your phone.