It's just for Cameras that are already GPS enabled...
Sorry to burst everyone's bubble, but this is most likely for cameras that either have GPS integrated already (and some do) or for cameras like the Nikon D200 or D2X that have a port on the side specifically for hooking up a GPS device like this one:
http://www.redhensystems.com/products/video_collection_hardware/d2x-gps.asp
Since the EXIF standard contains a flag for GPS-data, they just didn't finish the feature yet. They will.
So no, the iPhone isn't going to be a gps camera pda music playing satellite radio streaming HDTV. Get over it. The iPhone already came out, and flopped (how many ROKRs do you see?) My guess is that if Apple really wants to move into that space, they're going to have to serriously look at their market, and their network partner.
Though Cingular has more users, Verizon and Sprint both have the high-speed data networks capable of integrating a phone with iTunes. Cingular simply doesn't. Verizon users spend, on average, more on downloads than any other non-MVNO provider.
Oh, and as for GPS already being in phones, it's there. Every phone sold after 01/01/04 had to have a GPS tracking device installed for use in Emergency situations. Providers were given six years to get a 95% adoption rate. Ever notice that little crosshair in the top? That means you've got a GPS lock. With SiRF-III GPS chips, you can be pretty well underground and still get a signal, esp. when it's repeated by your cell towers.
This isn't an iPhone clue. Get over yourselves.