I notice that Livejournal has added a "Current Location" metadata to their post streams. That's somewhat interesting and morginally userful, not to mention so new that there is not yet an entry on the FAQ page about it. I'm also noticing that people are putting the locations as Google Maps links. I have yet to see anyone fill the field with something more abstracted and less literal. I see a great future full of Location mis-use, and patiently anticipate it with a smile.
Also, I apologize, but the obvious joke must be made:
Edit: Great Brahamins! Apparently, LJ automatically makes whatever you put into the Current Location field into a Google Maps link upon submission. I don't know if this is a toy or a tool now. (What's really the difference, after all?)