And I think @baekdal is right: what matters is location as a service.
Earlier today, Facebook launched its location based service called Facebook Places. We all knew it was coming, and that it would not be highly innovative, but there were still a few surprises.
Then there was the big disruptive part. Foursquare, Yelp, MyTown, and Gowalla is looking to integrate with Facebook Places.
Boom! That changes everything.
What matters is location as a service. Not location as a game, or a check-in.
Update: You can actually merge you Facebook Place with you Facebook Page, and then a place behaves just like a normal page. This just made Facebook Places 1000% more interesting!
On the upside: This might just be incredible good news for brands and companies. Today it is hard to do location because it so small, and none of the players really dominate. If they all integrate with Facebook places then the brands can just update one site (their Facebook Place page), and it would be visible on both Foursquare, Gowalla and MyTown.