I posted a similar idea a few days ago (idea #453). Well it looks like this is old news, except that they're trying to use the position data from your phone instead of Bluetooth. From Wired News:
Now that wireless carriers are setting up the necessary infrastructure to help emergency dispatchers pinpoint the location of emergency 911 callers, they are mulling over ways to make money from knowing exactly where customers are.
The carriers are required by the Federal Communications Commission to install location-tracking technology for emergency purposes by 2005. At the same time, services like cell-phone dating are often bandied about.
Here's how it would work: Single people would subscribe to the service online or by text message over their cell phones. They would fill out applications with their interests. They could also post pictures, because cell phones increasingly include a camera or image-viewing option.
When out and about, users could ping the service asking for compatible singles in the area. After notifying the other members nearby, the system would provide the user with a list of people in close proximity and their location. A potential match could be right across the street.
This type of service is already popular in Japan and some parts of Europe, where teenagers and 20-somethings often set up rendezvous by cell phone. AT&T Wireless (AWE) says it has had success with its Find Friends service, which lets people look up the locations of people on their buddy lists.
Wow... who knew. I mean, I had heard that this sort of thing is Big in Japan (what isn't?) but "some parts of Europe"!?!?! Where? Personally, I see about a zillion guys lining up to use this thing ("Sure, you can track me") and about zero women ("Some guy can just track me down in a bar?").
I still think this would be cooler using Bluetooth. ;-)