Earlier quoted context omitted.
It can be used to share a cipher (one-time-pad) because you and I would know the arrangement of bits that the other person has, and no-one else would/could know. However the measurements on the qubit's are probabilistic, so we cannot control the arrangement of bit that we have. We will only know if the are correlated/anti-correlated.
I still live in hope we'll find a way to use it for communication. A system where you had to use a slower-then-light synchronization signal to maintain the entangled state, but didn't actually transmit information over non-entangled bands, would fundamentally revolutionize communication none-the-less. Being able to send data across the Pacific at essentially the speed of light, which was uninterceptable, would still…
I don't know much about that weak measurement stuff, only in really theoretical situations thus far. But it seems a nice way to probe entanglement.
Toshiba @ Cambridge have recently shown QKD over broadband networks over 90km using single photon sources.
Before that the distance record was held by Tyndall in Ireland.