It looks quite promising: the application uses Google maps and your phone’s GPS to pinpoint your location, and then show you where and how far away points of interest are. If you have an older iPhone or iPod touch, it’ll show you a map, but if you have an iPhone with a camera, just pan the camera around you and it’ll show you a graphic representation of what’s there.
While Bionic Eye isn’t the first augmented reality browser, it is the first one (at least, the first official one) for the iPhone/iPod crowd, and definitely looks like fun. I don’t know if I’d use the part where it directs you to a location however, that looks like a good way to get mugged.
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