Facebook as a company is a constant innovator. It appears that Google and Facebook might be in a race to determine who will be the holder of your data & location based provider of choice.
Unlike GoWalla or Foursquare, Facebook did not roll out location based check ins with treats, ability to earn fun titles such as "Mayor of Starbucks", and coupons.
In its current form, places is location check ins.
You can also check-in your friends when you check in at a location -- even if they are not there. That could create some odd games of trickery like checking a friend in at a bar when they said they were at the library.
Whether or not you choose to use Facebook's Places, or other location software, is up to you.
3 tips to remember:
1. Think about where you "check in", is it something you would want your family or boss to know? Does it portray you in a good light?
2. If you are alone when you check in, please consider your personal safety.
3. Your teenagers should not use check-in services unless you have had a conversation with them and you feel they are mature enough to use these services.