This doesn't work. The iPhone still tracks your location even when in airplane mode. To test:
1) Turn on Airplane mode 2) Take a picture 3) Turn off Airplane mode 4) Go to Photos app, "Places" tab. Note that the picture you took has been correctly geolocated.
The only way to not be tracked by your smartphone is to leave it in a Faraday device of some kind, like a refrigerator.
EDIT: Ok, not a fridge. Thanks, Titanous.