Third/Final Year Project Idea: Geo-Targeted Mobile Advertising

I know this has been done already; but it wouldn't harm if you try to build it on your own. The idea is simple -

Your mobile gives you alerts and information based upon the location you're currently at. For example, if you are on Street ABC of City XYZ; your service should alert the user through SMS about latest restaurants, bookstores, malls (give the user a choice of what alerts he/she wants).

What say? Interesting?