To do this, it makes use of the excellent PExif. There's only one snag, which is that pexif assumes a larger size of int than S60 has, so will sometimes trigger a OverflowError. The solution is to edit line 905 of pexif.py, and drop the value of SEC_DEN to 10000.
Once you've done this, and installed pexif as a python library on your phone (or just loaded the .sis on, if you're not using a 3rd edition phone), you then get a new menu option, Take Photo. This will show you a preview, and you can use 1 and 3 to cycle through the resolutions to take at. When you're happy, hit 0 or enter, and it'll take the photo.
Annoyingly, the S60 python camera stuff is dog slow. So, it takes about a second to grab each preview shot, and about 2 seconds to take a real one. Add in a few seconds to save the image, and then geotag it, and it can be 7-8 seconds from when you hit enter until it's done. It's normally taken the photo after 2-3 seconds though!