LBS does not stand for Lotsa bullshit, but for Location Based Services. How can a chat program relate to that? It's all explained, but before I get there, let me show you my views on LBS:
LBS uses GPS and mobile broadband, the basic idea is that services around your position will interact to you, through your phone. It sounds like excessive advertising, but then again it would be nice to be driving in the highway and getting a pop-up on your phone reminding you that there is a McDonalds 2km ahead, in case you feel like filling your tummy.
There is more than just advertising. I believe Nokia Chat is related to LBS, I'm not 100% sure, but it pretty much sounds like it:
Chance meetings with friends are made easy. Pick out your places on Nokia Maps and choose where you want to publish your presence. Chat automatically updates your location status when you arrive at your hangouts.
There is a video after the jump in case you want a better, and interesting explanation.
Download link
Source: Nokia Beta Labs via Symbian Freak
Chat helps you hook up with no hassles by sending your real-time location in an instant message. This unique feature lets your friend pinpoint your position and share her own on Nokia Maps.
Chance meetings with friends are made easy. Pick out your places on Nokia Maps and choose where you want to publish your presence. Chat automatically updates your location status when you arrive at your hangouts.
As well as sharing your location, you can edit your status with what’s going on and stay up-to-the-minute with your friends. Status symbols on Chat show when you’re available, on the phone, or away.
Chat puts quick and easy instant messaging at your fingertips. You can also record and send voice messages to friends.
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