This is a killer update, and I am linking to David Sparks post on it because Sparks (as always) offers some killer thoughts about how best to use this. Personally it means never having to type out ridiculously long property names any longer.
A side note: At some point OmniFocus for iPhone added the ability to set the geofencing size for a location based reminder. I don’t know when they did that, but I just found it and tightened all my geofencing reminders up to maximum.