Imagine being able to open the Facebook app on your smartphone and instantly be able to post your exact location to your Facebook wall so that all your friends could see where you are. Well this evening at 7:30 PM EST Facebook is expected to announce it’s new Location Feature. Although nothing has been confirmed by the company, Facebook has for months been quietly talking about an up and coming Location feature that will likely take on sites like Foursquare and Gowalla. When asked on CNN about the possibility of the location feature last week, Facebook spokesman Larry Yu stated, “We are working on location features and product integrations, which we’ll be launching in the coming months, and we’ll share more details when appropriate.”

In addition to being able to instantly post your exact location, users will likely also have the ability to check into certain restaurants, stores, and even homes. This paves the way for business’s to offer incentives to users for checking into their store, and could also mean a boatload of additional revenue coming to Facebook in the form of advertising.

The possibilities of the new Location service are seemingly endless, and will likely hurt the current leaders in location based social networking.