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Among the highlights of today’s mobile session at OMMA Social were comments from location-based social networks Loopt and Brightkite. Both continue to evolve their product features and, by extension, the ad formats available to marketers.

Loopt is on a roll with the recent acquisition of GraffitiGeo and the newest version of its product (2.0) that includes lots of Foursquare-like “check in” capability. This feeds into its ongoing monetization prospects, given the value of a user raising his or her hand to reveal location and behavioral info.

This will continue to evolve as Loopt morphs into a broader mobile local utility. Supporting this is an installed base and platform compatibility that outshine the more exposed (at least recently) Foursquare. Loopt’s 2006 launch also long-predates many of the upstarts in the growing location-based social app space.

On this note, TechCrunch reveals a leaked presentation about a new program called LooptCard — a standardized system for advertisers to buy into time-sensitive promotions or initiate reward programs. This could be a clever way to overcome stumbling blocks like disparate systems, SMB self provisioning and redemption.

The program is also smart by tapping into Facebook Connect to reduce friction on the user side. Without requiring users to sign up for yet another social tool, it should be easier to scale, and let them bring FB friends with them rather than starting from scratch.

It will be interesting to see this unfold, and we might get to hear more about it at BIA/Kelsey’s upcoming Marketplaces conference where Loopt founder Sam Altman will join us on stage. Hope to see you there.

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