Google (and not only Google 
takes seriously the experience of browsing geolocated photos on a map, and has just launched an update to the design of the Photo layer in Google Maps "to provide us with a better experience when browsing our favorite places". Fig. 1 was the "old" style, while Fig. 2 is the "new" style. More details in this Google Lat Long Blog post.
But have a look also at iGeoPix (free download from ITaly or USa iTunes site), an iPhone/iPad interactive visual browser for geolocated photos. Unlike the current georeferenced pictures representations used by Panoramio, Google Maps, Yahoo! Maps, etc., with iGeoPix you will be able to see both near (center focus) and far (periferic context) photos, thanks to a non-linear zooming user interface. The variable tile size, bigger in the center and smaller near the borders, will further contribute to give you the feeling of a more immersive visual browsing experience. Fig. 3 is the same Rio de Janeiro area of Google Maps example, as seen by iGeoPix in "Multi" mode and Fig. 4 as seen by iGeoPix in "Photos" mode.
A short description and a 3 minutes demo video of iGeoPix:
http://isoc.crs4.it/doku.php?id=ipad
A 12 minutes demo video showing iGeoPix in action, with italian audio comment:
http://www.youtube.com/watch?v=WDk7eG0YpRQ&fmt=22
A Flickr set of 50+ snapshot pictures of gorgeous places around the world, as seen by iGeoPix:
http://www.flickr.com/photos/zipckr/sets/72157624399109101/
P.S. Avevamo già scritto su Nòva100 di "Navigare per immagini" e di "User Generated & Georeferenced Postcards".