The jury is still out on any SEO benefits of hCards. The search engines nowadays (speaking primarily of Google of course) are very sophisticated and certainly smart enough to determine the actual location of your business. That said, I think the hCard simplicity and structure warrants consideration for your website.
To make your hCard, use the hCard Creator using XHTML mark up to identify somebody or some place. Use the hCard and embed it on your site. The search engines are able to read the mark up language and hopefully isolate something you want emphasized, name, address, city, etc.
The actual benefits are still yet to be officially identified. However Google’s made it official by its assent to the hCard. Google’s acceptance coupled with Yahoo’s long-time stand on hCard proves it may be something to consider. By using simple and consistent syntax, you may be ahead of the game in the end.