Place is a collection of modules for storing and displaying geographic location data and in Drupal.
Its central feature currently is an implementation of countries, provinces/states, and cities/towns/villages using taxonomy, with postal codes as related terms (all in place_taxonomy module). This could be extended with more political regions and with an additional vocabulary for geographic regions. Additionally place associates latitude and longitude directly with place-enabled taxonomy terms (taxonomy_location module) to aid in displaying regions, given first-class entity status by taxonomy, on maps.
It is not ready for general use. (Collaborators always welcome, of course!)
Place module aims to be internally modular enough to work well with other modules and even be a home for modules that help bring to life Bdragon's vision for doing locations "right" in Drupal. We're still a long way from that. Help keep us honest.
Place is a project of Agaric Design Collective.