iPhone = epic fail.
I disable all collecting of EXIF data/geotagging in the photos I take on my G1. I don't see any way in which it would be useful.
There seems to be a trend in some Twitter users where they actually have their location listed with their latitude and longitude co-ordinates. Not sure why you'd want to broadcast your exact co-ordinates that openly, sure I do it with Google Latitude, but only to 9 or 10 very close friends and family members who know where I live anyway.
If more criminals had higher IQ's, they could easily figure out ways of exploiting the people that geotag their photos and such.