Recently, Facebook has started sending invites for a special event tomorrow, Wednesday Aug 18th at Palo Alto headquarters of the Company. The event invitation only mentioned “an update on the service’s features and products” but there has been lot of rumors lately about the launch of location based feature to be integrated in facebook.

Kara Swisher, from WSJ suggests that the announcement should be about the company rolling out its own geo-location services. With the competitors like Google trying to catch up with Social media, Facebook has pressure to add such feature as soon as possible.

The latest rumors suggest that Facebook will most likely launch location as a feature within the Platform, enabling developers to add geo-location data to existing and new applications. If this rumor comes true, facebook would fulfill a promise made to developers at Facebook’s f8 conference in April, when we first thought the feature would launch.

What do you guess, will the much awaited location based feature be released or this even will be revolving around the latest Live channel released by Facebook.

Update: Facebook launches its geo-location feature called “Facebook Places” [Live]