I got this App about mid way through last year, and because of it being relative new ways back then, there wasn't much of a user data base in Australia, but have just put it back on my iP5 and had a quick look around and i must say, us Aussies have taken hold of this and ran with it.
The information currently is 10 fold on what it was when i first downloaded it.
Im sure Apple can't do any wrong if/when they purchase this and kudos to the Devs on such a unique idea. 500k for FourSquare to me is a rip of, but if paid 500k for Waze i reckon they would of got a good deal, and then some.
Watch out Google Maps if this acquisition goes through