San Francisco based GeoVector has a product that uses GPS and compass technology (on mobile phones) to allow you to point your phone to a particular shop or building and get information about it. You can point to a store and if the store has a website or other information on it, it will bring that out. I read and wrote about a similar product more than a year ago — the company was also from the Bay area and talked about product for Tokyo.
With maturing GPS technology one can expect more innovativ applications in this direction. GPS and compass combined with maps and some computer vision technology can provide powerful approaches to click on the real world and get interesting information in the real world.