Hi dude, This program already exists and is commercially available on http://www.ubiest.com/page_id_/lev_/lang_id_2/ctg_cat_id_--/index.htm it is an italian company who demoed such a sollution on one of the LBS fora I went to. Hopefully this helps.

I find this rumour hard to accept. Because there is nothing mentioning any new great feature that would want people to buy the latest generation iPhone. Who is gonna buy a new phone to have a better camera and a compass??? Anyone?