When you're on vacation or in an unknown area taking photos, it's great to know that later you'll be able to see exactly where you took each shot (and even which direction you were facing). If you upload your photos to Panoramio, they'll be reviewed and some will likely end up in Google Earth.
Or rather where you were when the camera was last switched on long enough to gain a fix on the satellites...
It is a little frustrating when you get home only to find locations stored against photos that are way out of date. Don't get me wrong, I think the HX5V is a great little camera and I'm glad it has GPS. But very often I want to take the camera out of my pocket, switch it on, grab the shot (without attracting too much attention), and then turn it off and put it back out of sight... [Just to explain, I use it as the backup to my Sony A55 SLR, mainly when I want to keep that out of sight and not attract unwanted attention with an expensive looking camera]
It would be good to have the option of the GPS periodically updating itself while the camera was turned off. The A55 does this continuously which is a big drain on the battery. But there must be some middle ground...