sfdesigner,
You can use the built-in map application to look for businesses near you. First, bring up a map of your general area, then in the search box put the name of the business, type of business, etc into the search field, and it will look for the nearest results, zooming out a little bit if it needs to to get a few more results.
You can then tap on the results and be linked to the information that often includes street address, phone number, and sometimes website. The phone number can be tapped to dial, or the web address can be tapped to open it in Safari.
If you want to look outside the current map view you can add location information to the search box such as city, state or zip code.
Hope this helps,
Nathan C.
EDIT: This is not new to iPhone 2.0, it has been there since 1.0. An example of it is in the "Calamari" iPhone commercial
Message was edited by: Nathan C