Facebook creates location product

Watch out Foursquare and Gowalla.fb location

Facebook has (finally?) come out with a location-based feature that many people correctly forecasted.  According to our friends at TechCrunch, “Facebook has now confirmed their location-based feature, which is apparantly due to launch shortly if the code found on their touch.facebook.com site is any indication.” 

The question remains is whether or not Facebook is directly going after the location-based business that is dominated by Gowalla and Foursquare?  Or do they plan on tackling location-based services from another angle?  What are your thoughts and suggestions?