Google has updated the Calendar app to improve notifications, location entry and event creation today. We were very happy to see Google break Calendar out of Android and make it available to everyone (provided the device is on 4.0.3 or higher) in the Play Store back in October, and now we're seeing the fruits of that decision because updates can be rolled out independent of the OS.
Now when you create an event, the app will suggest proper locations as you type. For example when I type "Starbucks" in the location field, it will suggest specific addresses of store locations, much like the location field in Google Maps does currently. Additionally, when you receive a notification for the event, you can act on it by either snoozing or going directly to a map view of the location in the event.
This is a great update and we're glad Google is improving even on its most basic apps. It is an interesting update, however, because this is functionality that's already included as part of Google Now, which will alert you of upcoming events and even adjust the alert time based on traffic or other appointments. This is a good stopgap for devices that are on Ice Cream Sandwich and can use the new Calendar but not Google Now, but that group of devices will only be getting smaller as time goes on.