From an article published by Techcrunch this morning:
At the core level, using a social network to facilitate actual social interaction just seems to make sense. Though I poked fun at them in the intro of this post, don’t think that Facebook doesn’t recognize this. In some ways they already do this through their popular events offering. But anything they do with location — which it should be no surprise, they are working on — will go far beyond this. When you have a social graph with over 300 million users and you add a realtime location component into the mix, it’s going to change things.
What it means: we knew Facebook was working on its “local” strategy but it’s the first time we read about it more or less officially. I’ve always felt Facebook was really a “local” play with a tremendous social component and the people there are cluing in to the enormous potential of local, both from a revenue (local ad dollars) and a user perspective. This is potentially very disruptive from a traditional local media point of view.