Location-based web services are hot these days. Even though the amount of people is limited, but growing rapidly. I enjoy using and experimenting with Foursquare. Currently I can't give you many examples of how location-based services have helped me (except for the fact that I'm Mayor of six places and I was awarded some cool badges...). But I'm sure I will be able to soon. I think it's just interesting to use follow this area and see how others are using it to generate business.
For companies I think there are many ways it can be useful. For one location-based services can be used as a people finder. And if you relate interests/expertise to those people, it's also an expertise finder. At least you could know where to find a person with/without a certain expertise. Current location-based applications will give you a 2D map telling you where to find that person.
One thing I hope will happen is that location services will also be available in 3D (Layar with Foursquare is a good start). Most companies have multi-floor buildings. Being able to see if the person you're looking for is on the first or second floor is helpful if not crucial. I'm curious when the first service will pop up that can do this. Or did I miss something and are there already applications doing this?
Have a nice weekend!