MIT's minds of tomorrow value Location in mobility contexts more than other features such as voice or messaging. A professor there recently challenged his computer science students to develop applications using Google's Android SDK, and a majority of the entries focused on location-based scenarios.
If the brainstorms of these MIT students are an indication, phones will soon challenge the Internet as a source of innovation. For these students at least, cell phones should be all about location, location, location. Most of the projects produced by the seven teams of students involved programs that let phones track people's physical place -- or that of their friends -- to help them do things and meet up.
Here's one example from project Loco