"Geotagging" and "augmented reality" have become the hot buzzword in the iPhone world, especially with the release of the 3GS with its built-in compass and GPS functionality. Both basically refer to static or moving images with data overlays to tell you where you are and (alternately) where you might need to go.
It's important enough that AR Commons, a new initiative that‚Äôs supposed to help set ‚Äústandards of augmented reality as a public environment,‚Äù held its first summit in Tokyo recently. While there, Tonchidot unveiled a nearly-ready-for-prime-time version of their Sekai Camera app for iPhones and Android handsets, which — in their words — "tags the real world." MobileCrunch was on hand, and captured videos of the demonstration:
It still remains to be seen as to whether geotagging and/or augmented reality catch on as viable concepts, or if they will be stuck in the academic-exercise category.