Foursquare, Brightkite, and Gowalla, definitely better watch out. With business and services already having great Facebook pages, and a buy in from their users to stay updated on those page posts, adding location check-ins and possibly tying this to each page is a BRILLIANT move by Facebook. I believe the gauntlet has been thrown.

All we can do is hope that Facebook keeps privacy issues in mind with its location features. We really only want to share locations with our friends or a select group of friends.

Apparently McDonald’s will be the first to test Facebook locations, spitting out specials to users that check-in via Facebook.

Kevin Colleran, director-national sales at Facebook, underscored that Facebook wouldn’t attempt to monetize geolocation capabilities in the near term. “We never launch a functionality with the intent of monetizing it,” he said. “The best case in point would be [advertisers] are frustrated. We will not allow them to buy an ad on mobile.”

Only time will tell. I know this is one Social Media Marketing Coach that just loves a good old fashioned application throw down.