I've been playing around with the source today (planning to take a closer look at the file itself tomorrow). While there are definitely a fair amount of anomalie, even without removing the intended obfuscation in iPhoneTracker it still tells a good story. After adjusting the accuracy of the GPS grid and changing the animation to daily, it was easy to track where I had been.
It would probably be hard to track to any specific address (that's what I am looking into now) but by matching date with the coordinates it was trivial to see where I went for: 4th of July, my friends bachelor party and wedding, Halloween, Thanksgiving and New Year's Eve... among other events.