In ArcGIS 10 the GeoTagged Photos To Points tool lets you create a point layer from geotagged images directory (in Windows Explorer go to the properties of each image on the details tab check if you have GPS information). To elaborate the GeoMap from ArcToolbox go to the following address:
Data Management Tools > Photos > GeoTagged Photos To Points
In Input Folder to select the folder containing the photos, and in Output Feature Class to name the layer (within a geodatabase). Finally select the check boxes Include Non-GeoTagged Photos and Add Photos As Attachments.
A disadvantage is that you can not print the GeoMap, also eliminates the edges of the window of each image, but with the help of Photoshop could be solved.