I got Froyo as well and im not an expert on Android but what i think the app share does is not send the actual app itself. Instead it sends a link to the Android market.
I have tried to share apps over bluetooth and all they get are links and not .apk.
Im not 100 percent sure if this is the case but to my knowledge it is.
Hope this helped.
p.s There is another way though. If you have an app installer like app monster ( free app from market) you can download .apk files from the internet and to your sd card and by using app monster you can install. Im sure you can bluetooth the .apk files over to your friends phone as well but personally im against downloading paid apps( thats someone hard work and you are stealing their product).
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