What you want to do is store the Latitude and Longitude as the new SQL2008 Spatial type -> GEOGRAPHY.
Here's a screen shot of a table, which I have.
In this table, we have two fields that store geography data.
- Boundary: this is the polygon that is the zip code boundary
- CentrePoint: this is the Latitude / Longitude point that represents the visual middle point of this polygon.
The main reason why you want to save it to the database as a GEOGRAPHY type is so you can then leverage all the SPATIAL methods off it -> eg. Point in Poly, Distance between two points, etc.
BTW, we also use Google's Maps API to retrieve lat/long data and store that in our Sql 2008 DB -- so this method does work.