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I'm keen to see the hCard implementation on this. I've tried to do some work on it myself in D6, but the D6 theme functions don't have the flexibility to do it well.
I think what you're actually proposing is the adr microformat, right? That's just the address part of the hcard. If you are going to include names and organizations, I've already written some code and tests for implied N optimization in D6.