A few observations:

40% of all Web searches are geographically-based, suggesting that people are generally interested in where things are
About half of all the twits I follow are location-tagged, posted from mobile devices - people share information about where things are, perhaps because it helps others
Real-time social search offers different results - local, mobile, immediate, actionable, trust-based

One preliminary conclusion:

Dynamic content (location-tagged observations, media) produced by trusted contacts who are mostly mobile might be more locally relevant and immediately actionable versus static content indexed in time. We'll see...