iodine will detect if the server is directly reachable and in that case send full frames in both directions, just like this application or a normal vpn.
Just like with iodine (dns tunnel) this was one thing me and my friends talked about that would be cool.
I actually started to implement this in haskell in 2011, and gave up after I had basic writes to files working. I can get dig out that code if anyone is interested.
The c version of the project hasnt gotten very far yet as you can see, I might pick it up again though.