While the technology is spelled out pretty clearly in the patent, we still don't know just how Apple plans to implement all this. Do they aim to compete with other location-based networks, or is this a unique app? From the looks of things, it seems like it may facilitate interactions that aren't currently possible with existing local networks like Foursquare and Gowanus.
More questions we'd like to see answered: Will iGroups be a pay service? Will there be any way to integrate with users that don't have iPhones? And, of course, how soon can we get our hands on it? Facebook and MySpace have competition.