Google Latitude (Updated)
Google has released a new product for their mobile suite of software called Google Latitude. It is an updated version of Google Maps that allows for location awareness to be shared with others. This can be useful for seeing when your friend is in the mall with you and then you can send them a note to meet up, a useful feature. The downside is it can also show when you are going to the strip clubs or at the ball game after calling in sick.
Here’s a quick video overview of the service:

The good thing is that you can be selective on who can see your location and you can turn it on or off as you wish. I can see a few useful functions though and hopefully it will have a few more fine tuned controls as it matures.
You can install it into an iGoogle page using this link or go to http://www.google.com/latitude from your mobile phone.
UPDATE:
Privacy settings are more advanced than I originally thought. Here is a good video about the privacy levels available:

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good video of the GL