Since the launch of the newest geolocation app, Facebook Places, the Web has been buzzing about the fate and ultimate purpose of these tools. There seems to be a few favorites, but preferences vary. The market once consisted solely of Foursquare and Gowalla, with Foursquare being the more widely accepted. However, now that there are so many options now that the concept is going mainstream it’s hard to decide which application to go with. (If you’re anything like me, you get a kick out of nerdy things like this that turn up on Mashable.) Hopefully, my high-level run-down of geolocation providers will keep you informed.

So which one is your favorite (if you have one)? For me, it’s Foursquare. I started using it a little over a year ago because it seemed like a fresh, fun social media app. There’s something deeply gratifying from becoming the mayor of your workplace or local coffee shop. There’s also a kind of collector-mentality over the highly sought-after badges on Foursquare, from Gym Rat to Mile-High Club.

Since the advent of the idea, geolocation as a whole has come a long way. With Gowalla making headway from its headquarters in Texas, others have entered the scene like Loopt, Brightkite, Whrrl, and SCVNGR. While all of these ideas are fairly similar to Foursquare, they each have their own twist. For instance, Whrrl focuses on building “societies” that let you join groups that share similar interests and activities so users can exchange recommendations.  Britekite, on the other hand, is more than just a means of check-in, you can also share photos, comments, messages, tips, achieve different rewards, and hold group chats. Gowalla spins off the Foursquare badge idea by using “passport stamps” and virtual rewards that can sometimes be redeemed for tangible prizes. Loopt is a part of a suite of products that allows location sharing and customized rewards from names like Bing, TastingTable, and Zagat. Finally, SCVNGR takes check-in to a different level by offering a number of challenges at different locations – the most basic of which is taking a photo and posting a comment.

There’s something for everyone looking for their geolocation fix – that is if you don’t mind big brother keeping tabs on you…Now I turn the question over to you: what location app do you use if any? And do you see this whole geolocation thing going anywhere? Or is this just a pastime for social media nerds? – I’ll hold off on my opinion for now.