The physical world connection was disrupted a couple weeks ago when Microsoft launched their Windows Live Barcode
This application allows users to create their own 2d code (QR code)/physical world hyperlink, and connect physical items to a specific website using a camera phone.
Teaming up with Sprint for mobile search today also creates some interesting opportunities for their mobile marketing service.
I see Microsoft introducing a 2d code creating application for advertisers shortly. Instead of searching using a mobile phone, users will be able to "find" and link to targeted information by scanning an advertiser's 2d code.
2d codes become the new "keywords" and advertisers (and consumers) can create their own 2d codes (physical world hyperlinks) and use them on all forms of advertising/physical items.
How long before Microsoft offers a "Pay-Per-Link" advertising service for mobile marketing? Mister Softee could start charging advertisers a fee for their own 2d code, or charge on a "pay-per-link" basis.