Canadian Press has launched an iPhone application where – for $3 a year – you can get access to breaking news from the CP newswire, CTVglobemedia (The Globe and Mail), Transcontinental (some Atlantic papers), Torstar (Toronto Star, Hamilton Spectator) and FP Newspapers (Winnipeg Free Press).

In other words, major publishers except Canwest, Quebecor or the CBC.

The application is basically the same as the CP’s mobile-enabled website, except with GPS functionality added, according to the press release.

Since the only local Montreal news it has right now is from CFCF, I don’t see much advantage to GPSness.

Besides, even if this is successful it’s just going to steal traffic away from CP member sites, and $3 a year isn’t about to pay for a nationwide team of journalists.

Let’s just assume I’m missing something here, some key that actually turns this into a revenue source for CP or its members.