It was one of those "we're going to be like steve" and do some jerk product design move, but it wasn't like steve in that it failed.
Rule #1 for the net: if you ever get so incredibly lucky as to define a verb (like google it, or tweet that), like they had with check-ins but we just didn't get to fully grok it and then they whacked it ... grow that like gold.
They should've built out check-ins as this powerful "where am i now" related kind of thing .. it could've been a real mobile local gem beyond anything today. Think the star trek moment where you scan where you are and it tells you all sorts of interesting things, useful utility links, cool data.
But instead they called it "swarm" and made it all about your bro's ... maybe that says something about Sf? oh wait they're in NY.