Does anyone here use Foursquare?

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Does anyone here use Foursquare?

Just curious whether anyone uses Foursquare, and if so, what utility does it serve for you?

I'm thinking of installing it because I see a few FB friends using it and it looks like fun. Does it serve any purpose beyond simply fun?  (I have no problem with simply fun, btw.)

It seems like the idea is that you install it on your phone, and whenever you want to let your friends know where you are, you send a note on it and the application pinpoints your location by GPS, the name of the place (e.g. restaurant, park, subway station, whatever) and you write a comment about the place or what you're doing or eating or drinking or playing there.

And from what I understand, if you're a "regular" and check in somewhere the most of all other Foursquare users, you become "the mayor" of that particular location.

I've got one FB friend who always "checks in" at Hooters as a joke (I guess he must walk past one regularly on the way to work or something.) Maybe he's trying to become the mayor of Hooters. :D

Anyone see any useful application for such a toy beyond simple fun?  Downsides?