Probably the most common asked/txt'd question... Now that GPS devices and cellphones are commonly carried around, answering this question gets a lot easier...
Newer high-end cellphones, including Apple's iphones have GPS capabilities built in..
Well now, instead of sending back lat/long coordinates, you can see your friends on a google map....
Google's Latitude servce
There are several Facebook applications (Locations) and third party implementations of Yahoo's Fireeagle that already do this (Navizon), but now that Google has stepped into the ring you can be sure that adoption of these kind of services will significantly grow. The real value of a product/service like this is in the network effect, if your friends and family are using a particular solution -- it increases the likelyhood that you may use it as well.
So friends, family -- with your Google Maps capabable phone, give it a try and let me know where in the world you are!