Facebook unveiled plans Wednesday to let users share their location data with other friends, Foursquare-style, through a new feature called Facebook Places.

The service will let users “check-in” at various venues, find where their Facebook friends currently are, and discover new places through recommendations. Places also lets other user’s “Like” their friends’ location and comment on it just like any other status update. The service works in conjunction with a new version of the social network’s iPhone app, also introduced.

While many painted Facebook’s impending entrance to the location space as a threat to existing players, the company is actually partnering with key players like Foursquare, Gowalla and Booyah to ensure their respective services are integrated. Much like Facebook updates can also become Twitter messages and vise versa, users of any of the above location sharing services can integrate with Facebook to share their updates and display their badges.

It’s worth noting that Facebook is not positioning Places as the game-like app that Foursquare and the others do. It’s more of a friend-finding app that will likely have some kind of advertising output with participating venues down the line. However the Places functionality will be available as an API for other developers to integrate it into their own Facebook apps, so sky’s really the limit.

As for the inevitable privacy concerns that follow anything Facebook does, the company says the default setting for Places is such that only existing friends will be able to view users location data, and users can further limit the information to specific individuals.