Facebook…the Foursquare killer?

The folks over at Foursquare and other geo-location applications are holding their collective breath today.

It has been widely reported that tomorrow is the day that Facebook will officially announce that it will be getting into the geo-location business as well. This has been teased for months but the hope is further specific details will be released.

So today is speculation day and here are some of the questions:

• Aside from being able to “check-in” on their mobile Facebook APPS, how will Facebook bring this to life for its 500 million+ members?
• How will developers be able to use Facebook’s geo-location and incorporate into third-party APPS?
• How does this tie into the redesign of custom landing pages?  Does it at all?
• Will Facebook incorporate marketers’ ads, coupons and special offers into the new service and will developers be able to design them as easily as they can currently design and target existing Facebook ads?
• How will Foursquare, Yelp, Gowalla and others fend off the 500-million pound gorilla?

Would love to hear from you in the hours leading up to the announcement.  Please opine and comment.

I know one thing.  If I’m Foursquare, I’d be a tad nervous.