What about adding a <location> element, to indicate geographical location?
There would be optional latitude, longitude, altitude, head, tilt and range attributes (following GeoBloggersconventions), in addition to text content.
For example,
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<p>We are meeting at <location>Canary Wharf</location>, <time>8 Aug, 5pm</time></p>.
or
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<location>Canary Wharf <img src="canarywharf.jpg"/></location>
or
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<p>Please send mail to <location>99 Canada Square, Canary Wharf, London, E14 0XX</location>.</p>
It's basically a properly semantic version of geo-tagged microformats, and has similar uses - for example, it could enable pop-up online maps if you click on them. If both a location and a time are present, it could integrate with your calendar.
In addition, it would be great to enable <location> in forms, so the user has help (e.g. a map) to pick the appropriate place before submitting the form.
And it may help resolve some of the uncertainties surrounding <address>...
What do you think?