The often rumored “Find My Friends” app is now a reality, as it was just announced at Apple’s “Let’s Talk iPhone” media event by Eddy Cue.

Cue took the stage and stated: “Invite your friends to share for a few hours while they’re driving to your pad, so when they call you lost you can more easily re-route them.”

The app is a location based social network – similar to Loopt or Google Latitude. You’ll see a list of friends and family who are sharing their location with you, you can create events and can even invite friends share with you. One neat feature is that you’ll have the capability to set a time for the location-sharing to end.

Apple was also quick to note that their are parental controls, which should cut down on that iStalking.

It’ll be interesting to see how this app plays out for Apple.