10M venues is a lot, and a really hard to believe number.
For example, Yelp lists ~13k restaurants in NYC (3.5k in Chicago, 4.5k in SF)
In the top 10 categories for venues, Yelp NYC has 40k VENUES (restaurants, shopping, food, health, spas, nightlife, and some more).
Either 4square has 250 cities like NYC, a fundamentally different definition of what a venue is, or Yelp is SERIOUSLY missing a lot of places (like on the order of getting only 10% of the venues in each city).
People have written about the data sparsity problem in the Yelp dataset as compared to Netflix (http://www.stanford.edu/class/cs229/proj2009/Fennell.pdf) for using CF techniques, I'm very interested to hear what people will think about the 4square implementation.
I'm skeptical, but I really hope it works, because I have very average food far too often on recommendations from friends with dissimilar palates...