I think Foursquare's value is more likely in their relationships with businesses than the user base. As many have said, the userbase isn't that large yet, mayb

I think Foursquare's value is more likely in their relationships with businesses than the user base. As many have said, the userbase isn't that large yet, maybe a million people. But they're right on the verge of kicking in to the awareness of businesses, which is after all where their revenue is. I was at the buffet at the Las Vegas Hilton a couple of weeks ago, and they have the little internal advertising cards on the table. You know, visit our nightclub, see our show, that kind of thing. But one of the items was a "Check in with Foursquare, get rewards" card. That changed my perception of where Foursquare is with things. And what they really are. The casino sees them as another customer loyalty program. If they're providing customer loyalty programs to every business in the world...well. That's a market. And that's where they seem to be making the most inroads, moreso than with users so far. But if the businesses start helping them advertise, ala the casino... Foursquare is on the verge of being MUCH bigger in very short order. That's why the feeding frenzy is happening right NOW.