For me it's working for app handoff, but I haven't been able to get it to alert me to a phone call.
And actually if I try to open safari via handoff on my iPhone, it pops up safari and says it's "opening webpage from handoff" and then just says "search or enter website name" without actually opening a page, so it's just a white screen on my phone. It works from iPhone to OS X though. Doesn't seem to work at all for mail. It tries to load on my phone but then gives an error. OS X doesn't even show mail in the dock for handoff. Can't seem to get any other apps to show in the dock on OS X. Looks like they haven't worked out the kinks yet.
What's the bluetooth for your computer? Is it a real mac or hackintosh? And it's a USB BT dongle or something else?