Facebook is scheduled to hold a press conference beginning at 5PM PT to provide "an update on the service's features and products."
At the event, Facebook is expected to unveil its long-anticipated geolocation feature, unofficially known as Facebook "Places."
Inside Facebook explains what the new tool might offer:
Facebook may unveil location features tonight that will let users tag their status updates with where they are and "like" or establish relationships with Places. Facebook is approaching location as a platform play; it will probably allow other popular location services like Foursquare, Booyah's MyTown or Gowalla to contribute check-ins so long as they are structured in a way that the social network can transform into search results or other offerings.
Follow the Facebook announcement live below.