Facebook: Sharing too much?

DAILY DOT COM - On Wednesday, Facebook launched its newest feature called Facebook Places. It's a location-based application that allows users to "check in" to places using the GPS on their mobile phone.

So basically, your Facebook friends won't just know what you're doing but where you're doing it. On top of letting you tell friends where you are, it also lets you check in friends by tagging them in a photo or status update.

The new feature is raising privacy concerns, as some Facebook members fear that by pin-pointing their location, thieves will know when their house is ripe for the taking.

So-called location-based services, or LBS, are vying for a slice of revenue for mobile advertising, which is expected to soar in the U.S. to $3.1 billion in 2013 from $320 million in 2009, according to market researcher BIA/Kelsey.

Existing LBS’s include: FourSquare, Yelp, and Loopt.

Currently Facebook Places is limited to the United States and requires a smartphone such as the iPhone, Android or Blackberry or iPad.