If you check out the demo on the left side you will get a good idea of the functionality.
It's just a taste of the local search technology integration we'll see soon. I'm waiting for the gps or some pinpoint mobile phone location technology to be integrated into local search so you can do a search for a business and see a map of where you are exactly in relation to the place of business you are wanting to find.
It's interesting that Yell (UK) is so prominent. As with all things mobile, there is a tendency to steer people towards certain providers before opening up the walled garden. If Yell are in with the major players then they could prove to be significant for advertisers who can take advantage of mobile (local) search.
Of course people are free to choose who they use for their mobile searches but if it's in front of them then they may use it rather than bothering to navigate elsewhere.