For starters it your familiar with iPhone Apps like Gowalla and Foursquare you will know how this works. It's called Facebook places because it let's you share you current Geographic location with your friends. You can also tag friends who are with you at that point in time. The feature is currently only available in the US and will be rolled out to other countries soon. So once you want to share your location you will need to check-in to that place. You can set your privacy to only your friends or to everyone and your location gets shared. There is also a "People here now" section to see other people who are there. If you friend tags you in a certain place you can set your privacy to allow tagging or turn it off. You can also remove yourself from a tag anytime you want since it works like "Photo Tagging". So you can use Facebook place on your mobile to share where you are and connect with friends who might nearby.
Read the Facebook update on Places
Brief on Facebook places
Download the Facebook App for the iPhone
With the success of location-based services like Gowalla and Foursquare. This was something coming from Facebook for a long time. People love to share where they are and places they are visiting in real time. Some other just hate the concept. So, for people who do not mind sharing where they are and what they're doing, can start doing so right now.
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