Facebook: Places

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Yesterday Facebook finally announced the launch of its much anticipated geo-location product, Places. The app is basically Facebook's check in service and allows users to share their location with friends, see which friends are nearby and what hot spots are around them. Users can also tag places as well as their companions, just as they would in a photo to let others know which friends they're with (if their friends allow it, of course).

Places may prove a huge competitor to other location-based apps like Gowalla, Yelp, Booyah and Foursquare, but at the Places launch conference yesterday, those companies announced ways in which they'd be leveraging the Places API to allows their users to check in and publish their data through their Facebook feed and transfer their badges and pins.

Read further about the Facebook Places on the Facebook blog and about the Places launch conference on Adage.com.