Seeing that they probably would have never beat Foursquare, I'm glad that they are continuing to iterate. I have to say that I'm a bit skeptical about this new product. It seems a bit murky conceptually, and I'm not sure if travel is the right industry for them to be putting their bets on.
I met a lot of diehard Gowalla fans during SXSW at their party, and they seemed much more keyed into the gaming / object collection aspects of the service. Bottom line - I think a lot of these superfans (many of whom traveled on their own dime to the party) will probably feel alienated by this new app. Gowalla will probably have to find a whole new market, which may not be the worst thing but won't be the easiest either.
No matter what, I think Gowalla has a huge uphill battle to climb. They haven't even really been able to build much excitement here in Austin (even among people I know who are addicted to social media). I think their design and UI is top notch, but they seem to be missing whatever makes consumers super excited.