Chris Sherman has the Search Engine Watch editorial write up on Google Launches Local for Mobile. There is a good short write up at Yahoo! News;
For instance, users won't have to type in their location before getting directions to a specific location, as long as their phone has Global Positioning System, or GPS, capabilities, said Deep Nishar, a director of Google's mobile products.
More information at http://www.google.com/glm.
Forum discussion at DigitalPoint Forums and WebmasterWorld.