It's quite easy to envision how this technology could be used to identify and map info based on what's listed on a web page or other document. It also might be used to help identify local search results, personalized results (based on a users address) and when and where a paid ad would be visible on a results page based on the location of a searcher.
Patent member, msgraph, posted a thread about the topic a couple hours before Gary's post at Search Engine Watch Forums. Normally, Gary beats everyone to the patent announcements, I guess he was holding back on this one. :)