Very cool indeed. Though it is unfortunate that you and your friend haven't been using Eclipse code completion, quick fixes and actions like organize imports (Ctrl-Shift-O). I wonder if it because you don't know about those or shared editor don't support stuff like that?
Scott Lewis To answer your question...code completion, quick fixes, and organize import are currently supported for the shared editing initiator..Mustafa simply didn't use them in this video. For the receiver we will likely be addressing this in the future.
I answered to your points in comments to my blog post.
In regards to static import, the great new is that you don't have to use them. However it is considered useful pattern in many cases. For example, you may want to look at the Doug Lea's new fork/join framework, which provides huge number of the common static factories and which will be part of the Java 7.