Facebook Location launching next week?

A rumour seems to be going round that Facebook is about to launch their long awaited location service. Initially slated for earlier in the year and delayed due to the on-going saga of privacy settings it now looks as though we may be ready to try out this new service.

Details are pretty shady at the moment about what exactly Facebook's new location service will be like, but it's likely the main way you'd share your location would be through your mobile device. This would obviously put it in direct (if not commercially competitive) competition with Google Latitude, Foursquare and Gowalla.

The real question people will be asking is how the service will be used to display advertising? Will the location service allow us to deliver adverts in a more targeted way by geo-location? Could be rather interesting if it can...