The recent discoveries of X-ray and optical counterparts for gamma-ray
bursts (GRBs), and the possible discovery of a host galaxy, imply tha
t direct measurement of the redshift of some GRB host galaxies is immi
nent. We discuss the implications of such measurements. These measurem
ents could enable us to determine the GRB luminosity distribution and
the variation of the rate of GRBs with cosmic time and even, under fav
orable circumstances, to estimate Omega. Using GRB 970508 alone, assum
ing standard candles, and assuming the GRB source to be at the redshif
t of the absorption line observed in the optical transient spectrum, w
e constrain the intrinsic GRE evolution to rho(z) = (1+z)(-0.5+/-0.7).