Palringo first launched its instant messaging app for the iPhone back in July and for six months it has been one of the best options available for IM on the iPhone. The app is sleek and functional, marrying text IM, picture messaging and PTT-like vocal messaging with a multi-platform solution that covers all of the major chat services. Oh, and it’s all free. Today, Palringo announced a new build that adds some great new functionality to its already-capable app revolving around Location Based Services (LBS). As is the trend these days, software developers are finding all sorts of different ways to integrate LBS into their offerings but sometimes things get a tad out of control. Do you think any of your Twitter friends really want you to broadcast your location every 10 minutes? In an IM app however, location adds a new and useful layer to contact presence and Palringo is working on some great features. Included in this update, users will now see location and distance (from the user) data alongside each Palringo contact in their list. In a forthcoming update due very soon, tapping a contact’s location will bring up a map displaying all contacts within a 6-mile radius. The user will also be able to bring up a map displaying his or her own location. We’re sure you can see where Palringo is going with all this, but suffice it say we can expect pretty great things in the near future from Palringo surrounding LBS. If you haven’t tried the app yet, definitely hit the app store and do so. Those of you with jailbroken iPhones, toss Backgrounder into the mix for best results.