It's a great hobby project, but as a product it is late to the market.
http://www.glympse.com/what_is_glympse has had a product out for several years now.
http://www.glympse.com/what_is_glympse has had a product out for several years now.
You can copy stuff and make them better, and this better can be even just simpler, or with better community, or other odd declinations of "better" that are enough to win in the market.
EDIT: and in case there is already something in the marke that is yet not famous, you can almost ignore it at all unless this is an hint about the fact that the app may be not useful (more likely it is bad execution, bad marketing, ...)
However, there should some acknowledgement that an almost identical product has existed for years and how this differs (better UX?, more features, etc).