"This is going to be a really fun and interesting summer," said Zuckerberg at the start of the evening. "We've got a lot of new products coming out." The first of these new products--Places--is a smartphone-based service that takes on much of the functionality provided by existing services such as FourSquare and Yelp.

Facebook Places is designed to do three main things:

- Help people share where they are in a social way.

- See which friends are nearby.

- Discover nearby places and new places through friends' profiles.