So basically this is the iGPS-500 from Pharos but tack on a battery and some geotagging software. So it’s a geo-tagging option from a company known for its GPS hardware.
The bundle with the software will likely allow you to sync the date and time stamp in your photos from your camera with the recorded GPS signal from the Pharos hardware allowing you to add your GPS coordinates to your photos. Sure it seems like a lot of work, but if you travel a lot and take a lot of photos, that Google Map with all those pushpins is worth it because that stuff looks cool as hell.
The whole kit (the software, the GPS thingy, and likely a USB cable) will cost you $90 when it starts shipping sometime this month. So, if you take photos in more places than where you live, it might be a worthwhile investment.