WCS Plus licenses, does this replace the Location License?

The PLUS license include location services, but also supports HA and more:
Cisco WCS PLUS includes all WCS Base features plus the ability to track location of a single Wi-Fi device such as a client, tag, or rogue access point on demand (limited location), N:1 High Availability (HA) for WCS servers, and Cisco 3300 Series Mobility Services Engine (MSE) management which can expand location capabilities by adding Cisco Context-Aware Software to simultaneously track up to 18,000 assets.

Please note for upgrades: Cisco WCS PLUS license products introduced in release 5.2 are backward compatible with existing Cisco WCS Location and Enterprise licenses.

Source: http://www.cisco.com/en/US/prod/collateral/wireless/ps5755/ps6301/ps6305/product_data_sheet0900aecd804b4646.html

Chances are this information is less useful nowadays with WCS being eventually replaced by Prime NCS. WCS is still available as a product but support for the newest APs and controllers is only supported on Prime NCS (1600,2600,3600 for example)