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It comes equipped with a detachable GPS module, but if you prefer to use your own external GPS receiver, you do that too (via Bluetooth).
In addition to the "I know where I am" functionality (it automatically attaches location data to each picture taken), the Ricoh Caplio 500SE also comes with an 8 megapixel imaging sensor, 2.5-inch LCD, and a waterproof/shockproof body (hence it's somewhat less-than-attractive appearance). But wait, there's more. This camera also has a WiFi module that allows it to wirelessly transfer pictures to your computer. So, it's got WiFi, Bluetooth, and GPS. Yowza!
They're saying that the 500SE is "nearly indestructible", but the price -- $1,200 -- is nearly unmanageable. The WiFi-less edition is a hundred bucks less. Both cams should be available in Europe now.