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As you can see here, it has loaded up the area of Green Park in between St. James Park and Buckingham Palace Gardens. In fact, for those who know London, this is directly the spot where I tweaked the GPS earlier on - directly on Buckingham Palace.
Please read the disclaimer! You can find this and more, including the explanation - as well as the pro's and con's of using spoofed geolocation on the ZDNet iGeneration blog.