I am having a similar issue after the SP2 install. When you type in a geographic location such as New York City, NY or Boston, MA it says "There are no results for your search" When you type in something like "Pizza" in Boston, it will bring up Pizza business results, but does not find the geography of general searches for cities.
There appears to have been a license change which necessitated the removal of the geocoding service from Bing. Business searches and business searches by place still function normally (ex. Pizza, or Pizza in Salisbury Maryland).
Is there another quick method for pasting in a lat/long and returning a point? The geocoder works for addresses, but doesnt like lat longs. I know there is probably a dozen ways to do it, but the bing search method was very quick and easy.
It is disappointing to lose functionality with an update.
I believe the Go to XY tool could be a replacement when working with lat/longs. The tool is located on the Standard toolbar I believe. Below is the link to the online help that describes the functionality.