What if Facebook buried Foursquare?

Big news from Facebook! At long last, the company launched its location-based service called “places”.  The below video does a nice presentation of this new innovation.

[youtube]http://www.youtube.com/watch?v=ZfX_ZQag1BM&feature=player_embedded[/youtube]

Some of you may remember my January post, where I raved about Foursquare, the location-based social network with some 2.5 million users.  At the time, I thought (like many others) that is was critical for Facebook and Twitter to quickly integrate geo-localization technology.  Now Facebook has not only followed suit, but also partnered with Foursquare and Gowalla for the Places app on the iPhone.  While the details of the partnership are of yet unknown to me, I wonder if this will be a good thing or a bad thing for Foursqaure?  Some are doubtful and feel that Foursquare should have accepted when Facebook wanted to buy it…to be continued!

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