Have I got an iPhone app for you: the Sekai Camera from TonchiDot.  The app works in conjunction with your iPhone’s camera by displaying tags over the on screen imagery.  The app actually depends on the user to swipe the screen left or right to reposition the tags since the application works on GPS (or WiFi nodes), which isn’t able to judge direction or distance to an object.  So in essence, when you’re viewing a given locations ‘tags’ you’re just looking at geotagged events or items that have been prepositioned on the screen (top to bottom) by the user that created them.  Tap the tag and more detail is shown, which may include a picture or audio note.  Currently the app pulls tags from various Japanese web services, but the company will need to depend on both user input and companies who would like to commercially solicit their goods.

The Sekai Camera app is expected to become commercially available in Japan later this year.  Check the video below for a prototype walk through.

[Techcrunch]