G-Spot by PosiMotion is a position sharing application for the iPhone and iPod Touch. It will be available via the App Store when it launched on July 11th. There is no indication of a price for the application. Below is more info and screenshots.

The Compass:
Shows you what direction you are currently heading.

Spot Me:
A shortcut to pinpointing your current location instantly in Google Maps.
Also creates a log of most recent locations.

Share:
Instantly email your current location. The email contains a link that when clicked, takes you into Google Maps and shows your exact location. Friends trying to find where you’re at? Hit “Share” and email it to them, they can pull your exact location right up and get directions.

Info:
Latitude, Longitude, Altitude, Heading, Speed, Accuracy, Date and Time of the most recent location update.