The Beidou Satellite System is actually made up of two separate constellations, Bediou-1 and Beidou-2 (aka COMPASS). The moniker is based on the Chinese word for the Big Dipper constellation.
Beidou-1 was the original 3-satellite test system that has been in limited operation since 2000. The service provided from this system was primarily for customers in China, but could be received in neighboring countries.
The second generation, Beidou-2 is the more powerful and fucntional of the two. Its contellation started out with 10 satellites in Decemeber 2011, but will eventually consist of 35. Beidou-2 currently serves the Asia-Pacific area, but by 2020 is expected to reach a global scale for access.
The Navistar network, or GPS as it is commonly called by North Americans, is already available world wide, so the COMPASS system will definitely have an impact when it reaches maturity in 2020.
GPS signals are free for everyone to use and currently have an accuracy of 3-5m (10-15ft). Beidou-2 will offer both free and paid services; the free option will have less accuracy, but since the specifications are unpublished it's too soon to know the exact difference from the current GPS system.
The amount of statellites circling the Earth is steadily increasing, as are the services and industries that rely on them. Some effects can be overwhelming, such as the Big Brother idea, but others are simply there to make life a little easier or in some cases a bit more fun! It looks like we'll have to wait til 2020 to find out exactly which we're getting with the new Beidou system.