Facebook Places, which will begin rolling out to users on Thursday, centers around mobile devices, which Facebook members will use to send their location to Facebook—much like they'd post a status update.
There are privacy controls implemented which will let users choose who can see Places, and by default will be set to "friends only." And, akin to tagging friends in photos, you can tag friends who are also with you.
Business integration is minimal at best currently, but analysts suspect this will eventually change. Facebook has introduced Places in close collaboration with Yelp, Foursquare, Gowalla, and Booyah. And Facebook Places will soon include third-party app integration.