At Google I/O, Google demoed updated location functionality in Google Play Services that allows applications to perform activity recognition and set up geofences using an efficient, low power API. AutoLocation brings that functionality to Tasker and has now left Beta!
Available free of charge for 7 days after which an 84p unlock key must be purchased, AutoLocation allows you to fire Tasker tasks when you start or stop a specific activity (walking, in a vehicle, cycling, standing still or tilting the device) or when you enter / leave one of up to 100 custom geofences. The application also returns a 'degree of confidence' value for you to fine tune your tasks and you can prevent one activity firing when another is active (e.g. tilting while walking).
It's a pretty cool app, even if you don't use the activity functions the geofence functionality should be more accurate and efficient than Tasker's existing location based tasks.
Head on over to the Play Store to download and get started! :)