With GPS and location-based e-commerce services, retailers could send a quick coupon alert to the iWatch when a user passes through the store.

FORBES: Apple's Rumored iWatch And Why It Matters

Policymakers may argue that 2012 could be the tipping point when our largest online retailers realize that e-commerce transactions deserve location-based taxation simply due to the volume and impact on our economy.

FORBES: Move up http://i.forbesimg.com t Move down

The iPhone has been the catalyst of explosive growth in the smartphone market and created an app economy that has sown the seeds of new industries and changed the face of gaming, social communications, location-based services and photography as well as advertising and commerce.

FORBES: The iPhone Turns Four: How It Has Changed Us