The application is working like charm. It is very well designed: it’s easy and fun to use. There have been over three million photos geographically tagged in the first few days since this feature was introduced.
The only disadvantage is that the mapping tool is build on top of Yahoo Maps which uses very low resolution map data for most of Europe. Many areas do not have any street level data.
Update: I just found that loc.alize.us and trippermap.com use Google Maps. They are not yet updated to use the new geodata of Flickr, but I am sure that will be available momentarily whenever Flickr posts their new API functions.