Places is a new Facebook feature that lets users "check in" to a real-world location using cell phones or other mobile devices. Here's a video from The LA Times the explains it well. Many other services (Yelp, Foursquare, Gowalla) have had this feature for a while, but the ability to do it on Facebook is going to make you want to double-check your/your child's Facebook Privacy settings.
The main reason for this is the fact that your Facebook Friends can now "tag" you at a specific location -- like they do in photos -- whether you were actually at that location or not. Facebook friends who happen to be close to your real-world location -- like at the same restaurant or park -- may also be able to see that you're there. This brings up a couple new opportunities for cyberbullying that didn't exist before, and it's worth talking to your child about them.
For some examples of possible misuses of Facebook Places, and a walkthrough of how to change your Places privacy settings, check out this great article on the All Facebook blog.
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