It's still worth thinking about
While mashing up the two is highly unlikely in the near future, I think one could well imagine having a virtual world similar to SL, with features like Google Earth. Google is already allowing people to create 3D buildings on their maps. While furthering this has many technical challenges, I could certainly see something comprehensive happening. From both perspectives 1) replicating the real world on a Google Earth or 2) Creating even more spacial references and interfaces for virtual worlds.
It seems, SL has a strict way to use their servers to simulate a connected world. Their method may not be the best way, as other open source worlds give more cross-network handling of their world. So my thought is that it isn't really something to actually mash the two together, but to take the concepts and build off the good aspects of each is certainly something anyone could find potential uses for.
Either way, I think augmented reality is going to be bigger player eventually. And that, would seem to make replicated virtual worlds even more valuable.
Check out my blog, if you will:
http://www.rezyourmind.com
SL: DJ Cure

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