This sums up my feelings about Foursquare/Gowalla/etc fairly well.
That’s why I find Gowalla moreĀ interestingĀ than Foursquare. For me it’s more about discovery and building a list of cool places, less about competition (while there are game aspects to Gowalla there’s nothing as overtly competitive as the Mayor ranking).
That said, I’m completely addicted to these. I think the success of Twitter has dampened my “…but it’s pointless!” instinct somewhat.