I'm curious what others think about this. I'm a fan of Foursquare and their team and hope I am wrong about this. I'm also confident they will still have a large exit.

That being said, without a product hook that's very engaging, I think it's hard to build a local ads business, which is what I think Foursquare sees as its revenue stream. Do people see Foursquare differently, as say, an ecommerce company? Do they even need a growing product hook to build a good local ads business?