Well it works. Earlier in the day I updated my Apple Store app and permissioned it to use my location so that the iBeacons can locate me and push relevent and targeted message to me. I walked into the Grand Central store and I received my first "welcome to the Apple store" push notification and prompted me to open my Apple Store app. The next push notification I received was when I was in the accessory section and a push notifIcation said that I could read reviews of accessories before buying. It was pretty cool. I would have liked to see more but I guess I didn't activate any of the other beacons.
This is a very exciting technology and the possibilities are endless. I look forward to visiting CitiField during the next baseball season to see how MLB and the Mets are using iBeacons to enhance the ballpark experience.