Find My Friends app is now available from iTunes and Apple, Inc. The new free app allows you to locate invited friends and family from your iPad and iPhone or iPod Touch device that is running iOS5. You also need to sign in with an Apple ID and use iCloud. This app is different than Find My iPhone which is used to locate your devices instead of your friends.
You can use the app to track the location of friends and family for a limited time or all the time.
By using the app, you are consenting to some terms that allows Apple “and its partners and licensees” to use data and information associated with the app.
You can read more about Find My Friends and make a decision about enabling the service on this page that describes the features.
As part of the app settings, you can use temporary sharing to limit the time you share your location with others. You can set the privacy settings to prevent others from following you. As a parent, you can manage how your children use the app and still check up on them.
It will be interesting to see how this app develops.