They have been promising it since they swallowed and destroyed Gowalla.
Bloomberg is reporting that Facebook is working on a new app for tracking you and your friends' location. Is this something you would use? I tried the similar Highlight for a while but uninstalled it because of the way it drained my phone's battery.
What's interesting about this one is that it's passive tracking, like Highlight, and not the check-in based tracking of Foursquare and Gowalla.
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