As you'd expect, the Garmin Oregon 500 is capable of creating geotagged images on the fly. In fact, it automatically geotags all the photos you shoot, allowing you to easily navigate back to locations in any of your images in the future. The unit is waterproof and rugged, and includes a built-in 3-axis tilt-compensated compass, so you don't have to start moving for it to determine which way you are pointed (which is one of the things that drives me crazy about both my portable GPS device and my iPhone). And anyone who has ever tried to use an iPhone in cold weather will appreciate the Oregon 500's "glove-friendly" 3-inch touchscreen. There's even a built-in barometric altimeter that tracks changes in pressure to determine your precise altitude.
Available immediately, the Oregon 550 and 550t sell for $499.99 and $599.99 respectively and come with 850MB of internal memory, as well as a microSD card slot for expansion (or even viewing pictures from other devices).