Nothing new here
Optus in Australia launched its MyZooNow 3G interface with a similar feature set just over three years ago (using Bullant - now xumii technology). MyZooNow had a 'modes' feature that allowed users to set many application preferences. Mode changes were triggered in response to a location change or more simple date/time rules. Typically, a 'home' and 'work' mode was defined - the idea being that at home you have the footie and at work the footsie.
The base Bullant platform could also trigger ad displays as well as launch applications as a result of a location change. I also recall that Psiloc had a similar S60 product in the market 3 years ago. Indeed, my current company sells a rules based engine for S60 where complex rules can be created to do the same thing.
Nothing new here from what I can see.