So previously I was despairing of annotated images ever catching on, which nukes my 2005 as "Year of FotoNotes" prediction. Matt Haughey may have saved my bacon, with his "memory map" concept.
Take one Web based, high res, satellite image service, with an elegant user interface. Mix with social photo service. Stir in some sentimental geographically based remembrances. Add in a dash of A-List credibility and connectivity.
Voila! The Memory Map social space on Flickr.
Still, someone needs to implement hyperlinks within the annotations for some really explosive effects.