Anyone who has owned a mobile phone with built in GPS (e.g. Blackberry Curve, Nokia N95) will welcome the work of Air Semiconductors who have created a GPS solution which drains as little as 1% of the power of previous solutions. The prodigious battery munching capabilities of the GPS on N95 led this particular user to be something of an electricity junky.
Air Semiconductor, who are backed by Pond Venture Partners (they know a thing or two about semiconductors- the team include some of the brains behind ARM), also explain how their Airwave-1 chip eliminates time-to-first-fix and hence provides an instantaneous location. The combination of these two innovations means that not only mobile phones, but digital cameras, will be able to geotag images seamlessly... and enable a whole raft of other applications.
As the owner of 3 Nokia N95 chargers (kept in multiple locations in my life "just in case"), I'm really looking forward to this technology arriving in the consumer marketplace.