A bit unfortunate. FS grew too far too fast and too much at the whims of her VCs. The product now stands at an amorphous juncture between yelp, path, and Facebook, confusing users. I still believe strongly in the need for a mobile foursquare type product and community but I've lost my faith in foursquare as a company being able to satisfy that need.
It's crazy to me that a company like that is worth even $1 million.