Facebook's Location Product

Facebook will launch its location product within a matter of weeks, according to a CNET report citing "multiple sources familiar with the matter."

CNET doesn't have much detail on the new product, but says Facebook's take on location will be centered around an API allowing existing location-aware apps to plug into the social network.

That's consistent with Facebook's strategy elsewhere (and is what we predicted back in May).

CNET calls the new API 'Facebook's Foursquare competitor', but we doubt Facebook will offer much that directly competes with check-in apps. Nothing Facebook has done to date gives it any experience in game mechanics or sourcing local deals. Making it essential for Foursquare to integrate run its check-ins through the new API, so that that data can inform other apps running on the platform, is probably all Facebook is after.

Read more: http://www.businessinsider.com/facebooks-location-product-is-finally-on-the-way-2010-8#ixzz0wFkDLoUG