In Marc's response to my response to Russell Beattie's comments on moblogging he talks about "Shared Reviews servers can house moblogging reports on various resturants, movies, clubs, museums, art galleries and any meatspace location."
So there is another very important part of this "location thing." Servers should be distributed too. You should be able to talk to a local server. A server in your restaurant, billboard, vending machine, car. Local servers can be higher bandwith and can have lots of cool local features. You can leverage things like bluetooth and IR on devices that don't talk location very well. This decentralization is important and relates in a weird way to Dave and Evan's discussions about RSS aggregation. So what if you had RSS aggregators where you had to physically be there to see stuff. You had to be able to physically get into a nightclub before you could see the news feed for what the club members were doing... It sounds backwards to what the Net is about, but I think that there are some applications. It definitely helps on the privacy security issue if certain kinds of information are stored only locally in servers that you trust.