Location-based services finally seem to be hitting their stride after years of promise. To understand some of the costs associated with getting a user’s location information, I chatted with Sam Altman, the CEO of Loopt.

Loopt has added a “Friends You May Know” feature to their iPhone application, allowing you to find and follow friends-of-friends without having to know their mobile number.

The new and improved Loopt app adds a few cool extras including a “Friends you may know” feature, and a freshly redesigned interface.

[p22] Loopt is a revolutionary social-mapping and communication service that allows you to share your location and activities with anyone you wish...

With the staggering number of iPhones being sold across the globe (4.4m in the past three months) Loopt will simply become essential.