It should be noted that Jailbreaking your iPhone will void the warranty and you do run the risk of breaking your phone. Please use the upmost of care when jailbreaking your phone.
@Nessuno I have a jailbroken iphone4. U may visit YouTube. Search for Dr jailbreak or locationspoof videos =] there are many videos teaching people how to spooflocation =] good luck ya!
I would love to find a location spoofing app that would allow you to set favourites to make it a bit easier to do this task. Does anyone know of such an app with this feature?
Fake Location (via Cydia with Jailbroken iPhone) is one of the more friendly ones I've seen. It brings up Google Maps and allows you to "drop the pin" where you want your fake location to be set. Then it keeps that location until you move it. There's also a list of apps that it'll fake the location for...so, you can set your location in Foursquare, but not for other apps...
It doesn't do Long/Lat coordinates. Just a map, which matches exactly to the ones on the Foursquare page...but yeah, if you're trying to get a bunch of apps, it can be a bit daunting.