Did Google Just Steal Yelp's Business?

This morning Google officially announced their Google Places application for iPhone and after playing with it for a bit, it appears as though the company just stole Yelp’s business, something that’s much cheaper than acquiring them.

While not yet a Foursquare killer, Google Places appears to aggregate just about all the information you could possibly need when looking for location-relevant information. Best of all, you don’t need to load up Yelp to find nearby restaurants as all of the company’s reviews have been imported into Google Places.