This is a step in the right direction:
ATP has redesigned its GPS Photo Finder into a key-chain-size receiver that you take shooting with you and a still-quite-small dock that sits at home and awaits a plug-in from the receiver and your flash-carded photos. Appropriately dubbed the GPS Photo Finder Mini, the system matches the history of location coordinates in the receiver with the timestamps on your photos to provide the geotags.
It's still a little too limiting for what I do, but I especially like how it takes the flash cards and tags the photos directly. Now, what I'd love to see is a mapping GPS device like a Garmin 60csx with this kind of feature added.