http://googlemobileads.blogspot.com/2012/02/consumers-love-their-smartphones-now.html
Seems there is a lot of equating mobile with local in the article. I'm not sure how that will matter for most things other than finding a place to eat or other types of transitory service.
I can see it altering the playing field for travel and real estate. Add augmented reality apps and voice search commands (particularly if through gated services like Siri) and things get out of (our) control.
Retail product sales ...maybe if the price comparison apps gain more traction, then I can see phone searches being disruptive.
Barcodes are appearing on labels and signs everywhere. Long term this will change advertising both local and product based.