Facebook has launched the Foursquare/Gowalla competing product, called Places at their event yesterday in Palo Alto.

“It is to help you with three things: help you see where you are, help you see who’s around you, and help you see what’s going on nearby (discovery). You can tag friends with you while checking in to locations, and Places will automatically check you in and create a news feed story showing where you are.”

Source: BGR

Update: We found some better images via TechCrunch