I'm not certain this is the only way to view local - as a refined local search engine. It could be that delivery is more critical. Wouldn't it be better, at least some of the time if Fedex / Dominos delivered to you - not your home while you're out.
The geo-location capability of the smartphone means the computers that all of us are carrying around in our pockets are location-aware. The resulting killer application is “show me information on businesses that are close by to where I am now”.