I had the impression that the feature was useful and so we worked on Picplacer.com (see my posting
Places where you and your friends have been: Geo-tagging your Social Pictures) and i was not aware that Facebook was working on something similar.
So we shipped one day before the f8 and that day Facebook shipped something similar as you can see from my timeline here below. This is apparently based on my pictures and the tag you have in your mobile phone. It seems that you cannot see the pictures from your friends around a place.
Woahhhhhh, nailed it. One day before