See the wiki for the draft of the whitepaper, and FAQ. We will add examples in the near future, to further illustrate the concept.
The 2WAY design is, for the most-part, based on Identifi. The major difference between Identifi and 2WAY is that Identifi is intended for public data, such as personal information that can already be found through publicly accessible search engines, whereas 2WAY's design intends to secure the exchange of private data among trusted parties.
Feel free to post your questions, comments, and/or suggestions as an issue.