Location (GPS) sensitive tasks

I often have tasks that I set up to be performed when I find myself close to geographic location. Could be things like "visit that friend to pick up something", "have a look at that facility", "visit that store to buy that special item", "have a quick talk to a certain person at that office" - yeah, you all know what I mean. I VERY often find myself at home when I remember that little thing I SHOULD have done being in that area.

How about adding location specific reminders to pop up when in that specifick area? Is it feasable at all?