The team behind it makes the work I've seen so far all the more surprising. Have you played with the app? It's horrible. It's really bad. It's not fun to use--it's confusing and frustrating. The UI is a nightmare. It's buggy. I know some of those things can be smoothed out over time, but it doesn't feel like those early apps you see that have tons of promise but a few rough edges. As an investor, I'd be worried.
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I'd probably never install the app, but then I don't even use a smartphone - but they have enough money to make this mistake 10 times over
who knows, they might end up powering location for foursquare, facebook, and google etc. in 3 years time as the new GPS.