I'm on it with you. I have a Garmin E-Trex that is almost always with me. Push one button to create a waypoint, then name it whatever I want. I can always find the spot again, and I don't use camera battery for what I would consider unnecessary for photographic functions. 2 AA lithium batteries last for 20 hours when I leave it on, and a lot longer if I only turn in on to set a location. The one I have is $200 at Amazon - maybe not cheap, but it can be stuck in a pocket and used when I don't want to mess with the camera. It won't embed in the exif, but there are applications you can use to add it manually.
I guess it's all what's important to you. I think that half of the time people buy things to get features they will never use, just to be cool.
When I'm travelling, carrying a body or 2 and several lenses, the last thing I want is yet another gadget. I don't have to push a button to create a waypoint - the camera does that for me. And for $200 I'd rather save towards some other camera gear.
I dare you to try it: you might be pleasantly surprised