“I cut the cake, you pick your half” is basically the only good political idea anyone has ever had. Everything else is either derived from that, or self-serving behavior dressed up to look like an idea.
It's a beautiful idea, but not really political (politics is about groups over time; this is a mechanism for a 2-person 1-shot transaction). If you scale it up to politics level, it becomes Rawls veil of ignorance I think.