If you have only a desktop mac it means nothing. But with a mobile mac you can activate this feature and it should remind you i.e. to ask your boss for more money when you reach your workplace.
Since some time it is possible to nearly locate your position according to known WiFi-networks in your area.
Its not as correct as GPS but some sort of.
Ivan I'm sure you're right. But I have to ask which manual you're referring to? There isn't one for Mountain Lion as far as I know, and I have looked!
Open Messages. Far Right menu is called "Help". Open "Messages Help". Under the information about setup, you'll find the information about Location:
Change your location: Choose from the Location pop-up menu.
Your location affects the default country code appended to phone numbers without country codes in Contacts. Incorrectly listing your location could result in not being able to message people when you use their phone numbers.
The only practical use for it is to exclude some countries that Apple are not allowed to deal with due to American Law.
However it is not that practical if you actually travel with your computer and are in a different country anyways.
As it is Apple ID based which are email which in turn can be set up anywhere in the world with some servers such as AIM, Yahoo and Google the whole thing becomes moot as you really have no idea where anyone actually is.
I have found no difference claiming I was in the United States or the UK.
Please, if posting Logs, do not post any Log info after the line "Binary Images for iChat"
iMac 2.5Ghz 5i 2011 (Lion 10.7.2)
G4/1GhzDual MDD (Leopard 10.5.8)
MacBookPro 2Gb (Snow Leopard 10.6.8)
Mac OS X (10.6.8),
"Limit the Logs to the Bits above Binary Images." No, Seriously