Of interest, and quoting directly from the Reuter’s release…

The arrival of a truly mobile Web, offering a new generation of location-based advertising, is set to unleash a “huge revolution”, Google Inc Chief Executive Eric Schmidt said on Friday.

Some analysts are worried at the high costs involved but Schmidt said he was confident location-based advertising — which could, for example, direct hungry travelers to nearby restaurants — would be “a very, very good business”.

Read the full release at http://www.reuters.com/article/technologyNews/idUSL2563364020080125

No mention anywhere of GPS, so I am assuming that Google have seen positive results from their My Location Beta launch and will want to further deveop this and apply it to all of their mobile properties.  See some of my related posts below.

For full coverage, blogs and TV from Davos see: uk.reuters.com/news/globalcoverage/worldeconomicforum2008