Location based social networks and services have been all the rage in the last 4 months. Many of the new services Foursquare, Gowalla and Yelp have been building impressive user bases although they pale in comparison to most internet dating sites they are significant!

The rumor mill is running crazy today with reports that Facebook will go location based in the month of May. The big question is will the current location based networks be able to survive?

The other question is whether or not Facebook will allow outside developers access to this data. If the later is the case I would very concerned if I was an investor/owner in the aforementioned sites.

Good luck to everyone as it’s becoming more and more apparent each day that Facebook controls the social graph and we’re just along for the ride.

Let us know your thoughts?