I just posted a few hours ago that we are going to see a rush of new augmented reality apps soon, and then I get an email for a new app that does the basics you would expect, and it looks pretty nice. This one will work on 3GS phones, but without the fancy AR bits of course. Its a buck in the Apple store.
– Vertical position: 360-degree view of all POI nearby your location, updated in real time as you walk in the streets.
– Horizontal position: List of all nearest POI. When a POI is selected, a blue arrow (compass) is displayed to show the direction and the distance to that POI.
We also made a quick demo here : http://www.youtube.com/watch?v=OJmB1lWIdGw
…. and now, screenshots.