The immediate result: a diminished user experience. Strategy tax in full effect.
But seriously, who didn't think this was going to happen?
I don't really -expect- them to follow through tho. :/
Does FB and Foursquare utilise broadly similar geo-location technology from within the mobile device?
Not saying you are incorrect - just wondering if a technical expert could elaborate on the accuracy.
I guess most services also use things like the free GNIS data set from the U.S. government (it has good coverage, but the geocoding is not amazing).
Edit: And an entity like GNIS actually has less resources than Foursquare gets with its army of users (or at least, a lot less feedback generation).