FriendSpin from Pschit has a new twist on location-based mobile services. The iPhone app makes use of Facebook and GPS in order to actually find the location of your Facebook friends in real-time. Its use of Facebook Connect lets you provide your Facebook credentials, and the app allows you to add an unlimited number of contacts from your buddy list, so starting up is exceedingly simple.

Each friend (and your) location is represented by simple pins placed on a Google Map (thus coverage is global), and is surprisingly accurate. However, locations do need to be refreshed frequently, as your friends do actually move about (the location displayed is when FriendSpin was last used). It’s not a homing device, after all.

For those concerned about privacy, again, it doesn’t turn your iPhone into some secret, James Bond tracking device. Each localization of a friend requires them to confirm a push notification (when FriendSpin is turned off) for it to actually work, so there is no worries when you want to be left alone.

Additionally, FriendSpin also has a neat little feature allowing users to publish their location to Facebook itself. Perhaps, it’s not the greatest concept when you’re driving around town, but remember, the app has global capabilities, and makes for a great means of bragging about your vacation when you can literally show everyone where you are, and where they aren’t. Well, that’s assuming you are willing to pay for data roaming charges anyway.

Of course, maybe you will be able to afford it with some of your new savings, as the company also advertises FriendSpin’s ability to send text messages to your friends, even when it’s closed. In theory, this provides an a free alternative to SMS (short message service). Well, technically. The app does cost $1.99, but for all those techie kind of people out there, this is one to check out. Besides, you can expect some of the more creative patrons out there to use this technology for some pretty creative games soon enough. Maybe something with location check-ins and badges or something….