With the announcement of the new iLife 09 on Tuesday, a new feature was introduced to iPhoto:
GEOTAGGING!!!

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Called “Places” this is how they describe it:

“iPhoto helps you explore your travel photos with a new feature called Places. This feature uses data from GPS-enabled cameras or the camera on iPhone to categorize photos by location and convert GPS location tags to common, user-friendly names. So without any effort, pictures you took of the Eiffel Tower are labeled with easily searchable names like “France,” “Paris,” and “Eiffel Tower.”

If you don’t have a GPS-enabled camera or iPhone, you can still make the most of Places. Add locations to your photos by typing the name of a place, entering an address, or dropping a pin on a map. Then, when you want to find photos you shot in New York City or the Grand Canyon, just type the place name in the search field. If you feel like exploring, use the Places column browser to navigate your photos by clicking a country, state, city, or point of interest.”

It’s a step, although you still enter the data for where you were. For me the GeoPic II, attached to a Nikon DSLR is still the best solution I have seen. Hands down. You shoot, it puts the data in the EXIF file right on your shot.
This new feature in iPhone will just make it easier to map it.
You can do that now with Photoshop Lightroom, just for your information.
Imagine you are sending someone a snap of a great restaurant you found on a vacation, and the recipient can click on the photo and get a google map so they can visit it, too.

but……..this entry by Apple just shows why geotagging is a gamechanging photo enhancer. They did it with the iPhone, and now it’s available in your editing program, along with some enhanced edit features.
Once it is released, there will be a hands on review here.