Screenshots courtesy of Google
The Google Lat Long Blog announced…
If you zoom in on areas with businesses, you should see small category icons appears identifying places like restaurants. However, when I tried it for a nearby business areas, it identified just a few of the many there and located each one hundreds of feet away from their actual location. So, while Google Earth itself retains its mobile thumbs up status, the businesses layer gets a thumbs down.
FYI: You do not need to anything to update Google Earth for iPhone. The businesses layer will be available after starting the app.