The latest iOS 5 software update for iPhone, iPod Touch and iPad features a native Reminders app that lets you set reminders for a later date and time. Reminders app also features a location-based reminders system that allows setting up of location specific alerts. That means you can set reminders when leaving or arriving at a location with the help of Reminders app on iOS5.
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To set location-based reminders just launch Reminders app on iOS 5 and first create a reminder by hitting the plus button on top right corner. Now under List click and select the reminder for which you wish to set location alert. Again click Remind Me and switch on At a location. Now the app will automatically locate your position and all you have to do is select When I Arrive or When I Leave to set a location-based reminder. So next time when you leave or arrive at that location-based on your selection you will be alerted with the message displayed on iOS 5 lock screen. Reminders app is also iCloud ready so the reminders set on one device can be synced wirelessly with other iDevices.
Update: When you switch on At a location you can also select a contact from your phone contacts list that includes location data attached. So that you will be alerted when you leave or arrive at your friend’s location.