Facebook's 'Location' Tool: What You Need to Know

Looks like Facebook is a fan (ha!) of Foursquare. The social networking giant is expected to announce a Foursquare-inspired, location-based feature at today's press conference at HQ, reports BusinessWeek. Some things to consider ahead of the rumored launch:

• Purpose: The verdict is still out on whether Facebook's new offering will tap into the gaming model popularized by Foursquare, or just stick to sharing location details with friends, notes Reuters.

• Game angle: Business Insider is guessing that there won't be mayors or badges. "That seems too silly for Facebook," notes Dan Frommer.
• Privacy: Key questions: How easy will it be to opt-out? Will your location be public? What are the default settings? Should we be scared? Considering Facebook's serious privacy flaws and the fact that its CEO has called users "dumb" for trusting him, "I am beyond apprehensive," writes Zack Whittaker for ZDNet.
• Who else should be scared? It's possible that every physical store will get a page, just like bands and awesome news sites do now, meaning the service "could be a bigger threat to Google and Yelp than Foursquare," notes Frommer.

Click here for more things to watch for.

(More Facebook stories.)