Ok, I've got to admit, this sounds neat.

Loopt, a free iPhone application available through the App Store, allows users to stay connected to other members of the service, as mentioned over on the Apple Core. Once installed on the iPhone, the program users the GPS chip in the iPhone 3G as well as the Wi-Fi triangulation in the iPhone 2G to pinpoint a user's exact location.

Invited friends who join Loopt can gain access to your location and ping you when they're in the area (this feature is by invitation only and can be turned off at any time).

Although not for everyone, Loopt has its merits, especially if you're trying to find friends in a crowded location. The program also features support for finding locations and events recommended by friends and assorted services.

If you've played with Loopt and have any feedback, let us know over in the comments or forums.