Second:
The timeout Exception are controlled in a while loop by this code
((GetTickCount() - waitStart) > (DWORD)timeout)
The 500ms wait time Allows the application to interrupt connection
thread or shutdown the application any time with 500ms delay.
Java System property "bluecove.connect.timeout" control the time
application will wait for L2CAP connection to be established before it
throw BluetoothConnectionException "Connection timeout"
BTW it defaults to 2 minutes!
Extract from: http://code.google.com/p/bluecove/wiki/Documentation
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Configuration options
System properties: (Since v2.0.2)
* `bluecove.connect.timeout` The amount of time in
milliseconds for which the implementation will
attempt to establish connection RFCOMM or L2CAP before it throws
!BluetoothConnectionException. Defaults to 2 minutes. WIDCOMM
and OS X only.
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Vlad