Earlier this week, Chetan Sharma blogged on GigaOM about the limits of the current mobile advertising ecosystem.Sharma is right: mobile advertising is stuck to banner ads with “Click here to download” call-to-actions. Tracking technologies are still  behind.

In this caveman scenario, mobile apps have been a game-changer. Context-aware, personalized apps are opening up a whole new world of possibilities for advertisers to engage with consumers in effective new ways.

Brands who had been turned down by the device and industry limitations, are rushing to develop their own apps. We’re still at the very early stages of the phenomenon, with most apps looking just about the same. But there are exceptions and one of them is generating a lot of buzz, the Puma Index.

The Puma Index works this way: when the Dow goes up, the models put on their Puma clothes. When it goes down, they take them off. And when it goes down enough, the models strip down all the way to their Puma underwear, the new line just launched by the company. The app, which was designed by ad agency Droga5 for Puma, is free. You can download it right here. The app will get you a 20 percent discount if you show it at a Puma store.

This app is nothing mind blowing. But for sure, it’s a nice example of how to think out-of-the box instead of becoming the zillionth clone of a store locator with coupons. Let’s hope to see more brands and agencies involved in mobile advertising soon. The possibilities are infinite: from hyper-local ads to augmented realities. The sky’s the limit.

In the meantime, enjoy the bad news!