This module appears quite similar to http://drupal.org/project/geolocation (released by dopry April 8th) and http://drupal.org/project/cck_latlon (abandoned), and is the newest of the three. Then there's geo and others which also purport to do similar stuff.

I haven't evaluated these modules yet but an explanation on the project page as to the differences, especially with geolocation, would probably be helpful. lat/lon and geolocation also look similar enough to be merged in my uninformed opinion.