LBS. If you guessed embarrassing bowel condition or an alternative to the public broadcast system, you’re way off. LBS, in this case, stands for Location Based Services ; services like foursquare , Gowalla and more recently, Facebook Places . Services that ask you to share your location and offer status, rewards, coupons and special deals for doing so. LBS is already worth $2 billion and is only going to grow over the next couple of years, according to some industry analysts. Jay Goldman cuts to the heart of the matter, explaining what location based services are and why marketers and users are excited while offering a few words of caution about LBS and over sharing.