The document discusses how location data from smartphones is transforming social interactions and commerce. It notes that smartphones now know users' locations and can share that over the internet. This allows merging location data with online databases to find out what is nearby. Location is changing everything. Examples discussed include location-based advertising, apps, maps, and social networks. The document envisions a future where augmented reality overlays useful location-based information about people and places on a user's view of the real world.