Google Offers has been rumored for sometime now, but it has just been announced. Google Offers works in conjunction with Goolge places and allows business owners to offer deals or specials. The intro video implies a lot of flexibility. If you didn't believe you needed to be in the geolocation directories like foursquare and yelp, now perhaps you'll reconsider. When Google releases a new product, it is likely that you want to be part of it. You need to be in these three places. Yelp, Foursquare and now Google Places.
Yelp has Check-in Offers, Foursquare has Specials and now we have Google Offers. I like competition and I like options and choices. I have a feeling that this will put a fire under foursquare to improve and innovate once again. I'm a little bored with foursquare actually.
Get your business in all three networks, take ownership of your venues and use the features available for free to offer incentives for existing customers and new customers. It's a free resource! Why wouldn't you use them?
They even take a stab at Groupon's model by saying in the intro video "you don't even have to buy the offer in advance" you just get it when you are in that location.