Google’s holding a press lunch at their Zeitgeist event in Phoenix, AZ. CEO Eric Schmidt, SVP Product Management Jonathan Rosenberg and President of Revenue Nikesh Arora.

These are free for all Q&A sessions with members of the press. I’ll embed video of the session shortly as well.

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Local advertising is the great untapped market for the Web, and unlocking it is what is driving much of mobile and geo-targeted advertising these days. Think Google Places, Yelp, Craigslist, Foursquare, Patch, Citygrid, Gowalla, Yodle, Yext, and so on. How big is the local advertising pie and how much can Internet companies capture?

According to a brand spanking new forecast from market research firm BIA/Kelsey, online local advertising in the U.S. will reach