Is the New Location Graph Just Psychographics Revisited?

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Last week location-based ad company JiWire announced a new ad service to help marketers target specific audiences based on location data it has collected from mobile devices. The product, Location Graph, uses the data to create anonymous user profiles based on the types of places people visit. Is this truly a new way to target or just a twist on the tried and true psychographic analysis?
 
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JiWire Aims To Improve Mobile Ad Targeting With Its New Location Graph | TechCrunch
JiWire builds a location graph to make mobile ads relevant — Tech News and Analysis
Location Graph | JiWire
JiWire Uses the What of Location, not the Where, to Better Target Ads - All Points Blog