MacRumors believe that the new patent Apple has submitted is similar to Google Latitude, therefore Apple has denied it from the app store.
The patent’s function is similar to that of Latitude: it takes your location information, sends it via SMS, and then the receiver plots it in Maps so you can see where you are.
Here’s an excerpt from the patent:
Location Sharing: Abstract – Geographic location data is sent from a first device to a second device with a modified message to signal the presence of geographic location data associated with the message. The message can include (or attach) the geographic location data or file, or the message can include a link to a network-based resource which the second device can use to obtain the geographic location data. In some implementations, when a user of the first device views a location on a map display of the first device, a graphical user interface is presented to allow the user to select an option to share the geographic location with the second device. The second device receives geographic location data or a link from the first device which can trigger a map display on the second device showing the location of the first device and, optionally, the location of the second device.

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