I dislike your lack of humility and modesty in this discussion. You may be correct in your A point, but "just hiring a couple of engineers/designers/product folks" remark makes it sound like you guys are some elite squad, and FB is picking up some stragglers to join their team.
I can see why you've taken this attitude though, since commenters here are attacking Foursquare and making you seem like you lost to Gowalla+FB, but there is really no need to say these things in HN.