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This paper presents an analysis of target localization accuracy, attainable by the use of MIMO (multiple-input multiple-output) radar systems, configured with multiple transmit and receive antennas, widely distributed over a given area. The Cramer-Rao lower bound (CRLB) for target localization is developed for coherent processing. It is shown that the localization estimation accuracy can be approximated as inversely proportional to the carrier frequency in the coherent case. Evaluation of the relation between sensors locations, target location, and localization accuracy is provided by a metric known as geometric dilution of precision (GDOP). GDOP contours map the relative performance accuracy for a given layout of radars over a given geographic area.