This could be a Trojan Horse (whether Kevin knows it or not yet) into big data mining, and personalized recommendations.
Imagine, you have an app that send you customized ads/offers based on your actual real world history.
For instance, if you liked this sushi dish at this restaurant in San Francisco, maybe you will like a similar dish at another restaurant when you are travelling in Texas. That's insanely powerful.
Now they can just say "uh, yeah that was our plan all along!"
"The company has six patents pending and sees itself as "much more of a research company and a data mining company than a photo sharing site.""
http://www.readwriteweb.com/archives/color_ceo_the_tech_just...
If I were living in the US and had an iPhone, I would likely use this. Definitely sounds intriguing.
I'll need to give it a try though first.