Yes both are similar with variying features, below is the definitions of both from thier sites, to say yes both
are updating your location with fewer or more options in either of them

http://brightkite.com/

Brightkite is a location-based social network. In real time you can see where your friends are and what they're up to. Depending on your privacy settings you can also meet others nearby.

http://fireeagle.yahoo.net/help

Fire Eagle is a site that stores information about your location. With your permission, other services and devices can either update that information or access it. By helping applications respond to your location, Fire Eagle is designed to make the world around you more interesting! Use your location to power friend-finders, games, local information services, blog badges and stuff like that..
Source(s):
http://fireeagle.yahoo.net/help
http://brightkite.com/


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