I know the Pi USB will work as a host however will the hardware allow it to work as a USB device?
I am interested in making a multifunction device that needs both USB host and USB device port.
Maybe there are projects already doing the following on the Pi?
1) would be able to map Network drives such as SMB/NFS and emulate a memory stick in order to present them to any device with a USB port for a memory stick/Hard disk. What some have called a "reverse NAS". (this is where the USB device mode would be required)
2) would be able to connect to a WiFi (via USB Dongle) access point when in range , however when not in range, would change in order to act as an access point. May also allow the optional use of mobile broadband USB device, and/or bluetooth
3) Of course would allow the use of storage devices Hard disks and memory sticks