I downloaded the new Facebook IPhone App that includes the Places locational capability. It took about 24 hours before Places was implemented 'for my area'. It is very similar to Foursquare, showing you nearby places and then letting you check-in. It showed a reasonable close place, a few hundred yards away. Yet asking for more places did not give you any more businesses nearby. You can add locations. By default your friends are given an alert to your check-in, which I will shut off. Places shows far fewer options for check in, I am not sure that this sensitivity can be changed. Overall looks good, considerable opportunities present themselves.
There was a good article in Adage today about how developers and marketers might use the Places capability. Its worth looking at the API documentation to get a sense of what data is being generated and used.
Also, the EFF makes some good suggestions about privacy considerations on Places.
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