According to this blog post at Fast Company:
What'll it let you do? Navigation, of course. But also remote door locking, vehicle finding, dealer connect, stolen vehicle location, automatic alarm notification, roadside assistance calling, and automatic collision notification (a potentially worrying one--presumably it'll let you know if your partner has pranged your lovely Merc). If that's not enough, there are premium extras that give you location-based weather and traffic info, and a concierge service that lets you book hotels, find stores, make restaurant reservations and so on.
It may look like a phone, act like a phone, and deliver phone calls, but iPhone is not a phone. It's the beginning of the way people will conduct business, life, commerce, and more.
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