This is big -> Introducing Google Places

From the official Google blog:

We launched Place Pages last September for more than 50 million places around the world to help people make more informed decisions about where to go, from restaurants and hotels to dry cleaners and bike shops, as well as non-business places like museums, schools and parks. Place Pages connect people to information from the best sources across the web, displaying photos, reviews and essential facts, as well as real-time updates and offers from business owners.

Four million businesses have already claimed their Place Page on Google through the Local Business Center, which enables them to verify and supplement their business information to include hours of operation, photos, videos, coupons, product offerings and more. It also lets them communicate with customers and get insights that help them make smart business decisions.

This is a major challenge to Yelp and other local search companies. Follow the link to get the full list of new features, including new advertising options, QR codes for instant mapping on mobile devices, etc.

via Official Google Blog: Introducing Google Places.