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Helsinki has one for their trams, subway and ferries: http://live.mattersoft.fi/hsl/Default.aspx?lang=en

I really wish there was this service for buses. Quite often the digital displays saying when the bus will arrive are inaccurate, as are the actual timetables printed on the bus stop (when there is traffic etc.)

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And this one for the trains in Finland: http://188.117.35.14/vrviewer/VrViewer.html?locale=fi_FI

Click 'x' on the popup and zoom in to Helsinki to see the city trains. The site says the data is GPS location data.

Depending on the city, some actually do have live(ish) bus location information available through public APIs.

Los Angeles County was one such I think. I used theirs for some information visualization art projects a couple years ago.

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