I just found a new service that provides an application to geotag photos. Its at
locr - locate your photos which is a new image sharing site like flickr.
There is a client for S60v3 that you can download from there that does work on the
N95 with a few caveats.
You have to take photos using the locr application rather than the nokia built in one, and the only adjustments you can make to the photo are the photo quality - you cant change where the pictures are stored (they go to phone memory rather than memory card), exposure, flash or zoom settings
Even selecting the highest quality only gives a picture of 1600x1200.
The geolocation data seems to be held in a database used by the application rather than in exif data of the photo. This means if you upload the photo to locr using the in built application, then the location appears in
locr - locate your photos, but if you get the photo off the phone any other way, then the location data in unavailable.
This app seems a great proof of concept of how to geotag photos, but currently falls short of what could be done. perhaps in a future release these issues will be fixed and then it would be great