Geotagging is simply inserting geographic location data in a media file so that it can be placed on a map or otherwise related geographically with other images, services etc. It is the technology used by flickr maps, the Places categorization in iPhoto and many other services.
Aperture is Apples professional photo management tool
The track module seems to have woken up ;)
Work on a 6.x version is progressing here: http://drupal.org/node/367448
And once that is up we may also get waypoints: http://drupal.org/node/135725
So - rather than working on a replacement of the geocaching module - perhaps track can take over.
With a couple of bits of free software you can simply geotag (add longitude/latitude to a photos EXIF data) your pictures. These can then be shown on flickr's map, google maps etc.
A really handy command line utility and graphic GUI for translating GPS formats. It can grab from file or from various devices and can convert between many different formats.