Sure:
Cell Network Search uses your location to look for nearby cell towers for you to connect to. Otherwise, no calls.
Compass Calibration: pretty obvious. Your phone uses your location data to see which way your iPhone is pointing to calibrate the compass.
Diagnostics and usage: no location stuff here, it seems. But it's for running tests, keeping an eye on how the phone is going, and keeping a list of anything that goes wrong. There's another setting where you can view these.
Location Based iAds: obvious, again. Adverts tailored to your location, so adverts in French if you're in France.
Popular Near Me: it's a section in the App Store.
Setting Time Zone: You can choose it manually but your phone will look at your current location and adjust the time accordingly if you are in a different country.
Traffic: obvious.
Wi-Fi Networking: Part of the triangulation for your location involves looking local wifi hotspots. It's why if you're in Maps with wifi off, Maps will suggest you turn on wifi to get a stronger signal.
Frequent locations: this is a menu that contains all your frequent locations, which enable the very thing we're talking about in this thread.
I keep them all on.