Well folks, this is it. Facebook announced earlier today that Facebook Places is up and running.

Starting today, you can tell everyone you know (or at least those you connect with on Facebook) where you are, at all times, from your mobile device. Just like Foursquare and Gowalla, you can “check in” to the place where you are.

The Places feature is designed for those with an iPhone (there’s an app for that) or others who have HTML and geolocation features on their mobile device (go to touch.facebook.com on your phone). One cool feature Facebook offers (and that Foursquare doesn’t have) is that when you check in to a location, you can tag people who are with you, just like in a picture or status update.

So what does this mean for privacy? Will everyone know where you are all the time? Just like anything with Facebook, you have privacy options, but you must make sure you set restrictive customized settings if you don’t want everyone to see where you are. Want to learn more? Check out Mashable’s Facebook Places Field Guide.

We’re wondering if Facebook Places will jump ahead of the competition. What do you think about Places? Will you use it? Do you prefer other geolocation services like Foursquare or Gowalla?