Geo microformat at Where 2.0 today

From GeoURL to vCard, people are publishing geo and location information on blogs and the web in many different ways. What are the advantages and disadvantages of all these various current practices? Is there a possibility of proposing a simple microformat that addresses today's practical needs while allowing for more precision and flexibility in the near future? Join us in a discussion of current formats, current needs, and what we can do to work on defining a geo/location microformat.