It looks quite promising: the application uses Google maps and your phone’s GPS to pinpoint your location, and then show you where and how far away points of interest are. If you have an older iPhone or iPod touch, it’ll show you a map, but if you have an iPhone with a camera, just pan the camera around you and it’ll show you a graphic representation of what’s there.
While Bionic Eye isn’t the first augmented reality browser, it is the first one (at least, the first official one) for the iPhone/iPod crowd, and definitely looks like fun. I don’t know if I’d use the part where it directs you to a location however, that looks like a good way to get mugged.

haha… “Old Fashioned Google Maps view…”
Very cool app…
-Kevin
It is really cool.And acrossair othe apps are cool also.Nearest Tube,Nearest Subway,Nearest Wiki,Nearest Places,Photo AR etc.These al are Augmented Reality apps available in iTunes Store for iPhone 3GS
Check this out.
http://www.acrossair.com/
Lol love the name of the App. go Steve Austin go!