Can you keep the lens and camera info, while stripping the location data? It can be interesting to see the focal length and aperture, etc used if you're into photography.
This was my blog post. I didn't explain it very very but I agree that you do not want to completely strip out the useful EXIF data. In particular, the colorspace values are used by the browser to show photos in a more "correct" way on your screen.
My blogging software only strips the GPS EXIF data. The code is here: