It really has turned into a great local discovery platform via their personal recommendations. As an anecdote, I am not from San Francisco, and visited the bay area in February. I checked into my hotel, 4sq knew that I had travelled over a 100 miles and most likely 'classified' me as a tourist. I checked into the Yerba Buena Gardens, the "people usually go to this burger place afterwards."; was a great place to eat.
I went up to the wharf, and checked in. With no ideas that there are sealions in the area, 4sq said that I should go check them out. So I walked over to Pier 39. They suggested Market Square, etc etc.
I know it is just a singular experience, and my local Los Angeles usage has definitely declined, but everytime that I travel I definitely use it to discover what there is to do. From "real" people in my same cohort.