You can easily do bi-directional communication using Rx, but it's involving two Subjects, which are both Observables and Observers, or any flavor thereof Subjects whether Replay, Async, Behavior, or Buffered or Controlled (for backpressure coming soon).
var subject1 = new Rx.Subject();
var subject2 = new Rx.Subject();
var sub1 = subject1.subscribe(subject2);
var sub2 = subject2.subscribe(subject1);
And yes, back to Timothy's point, it is not possible in Rx to have multiple people calling onNext at a single time as we have locks around that kind of behavior, so there is no chance for overlapping onNext calls, and have the strict grammar enforced of 0-N onNext calls with an optional onError or onCompleted but not both. Once the onError or onCompleted calls have been fired, no onNext values can be fired. You can get around that behavior in a number of ways with retry, catch, or even onErrorResumeNext so instead of terminating the entire sequence, you can go to another sequence or retry the current one.
Matt