The time and location parsers have been updated (but not all suggestions yet implemented, still working on them).
More importantly, the data model for the values has been updated according to the discussion we had here. If there are no strong arguments against, this is what we are going to implement for now.
Time: < https://meta.wikimedia.org/wiki/Wikidata/Development/Representing_values#Tim...
Location: < https://meta.wikimedia.org/wiki/Wikidata/Development/Representing_values#Geo...
Cheers, Denny