The two fellows behind the patent have worked on Book Search, StreetView and semantic tagging for YouTube videos and the sense is that the patent will allow text searching in those StreetView images as well as in videos. The application filed with World Intellectual Property Organization is
here.
Google notes that it files patents all the time and only some turn into products and warns that we should not jumpt to conclusions about new products. That said, the patent app describes how such a tool might be used to advertise a McDonalds or provide a tour (with detailed information) about grocery store shelves.
InformationWeek
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