Hi Mike,
At a glance, the only things I could think of:
1- Configuring Organizational Views and Groups in order to be populated alongside with your locations. Then, you will find the "Computer Resources" in Computer Views and Groups in the Activity Center organized by their specific Location/OG. (just like you configure, but automating as I will suggest below.)
2- Creating a custom view/webpart/page and inserting such information for searching. Maybe using a custom report, maybe using a new page published that you will need to develop.
Take a look here for example:
https://www-secure.symantec.com/connect/blogs/web-parts-one-place-within-smp-console
https://www-secure.symantec.com/connect/videos/creating-webparts-reports
I don't think there is a simple field to fill with the location description. The user is going to need going through Managing Configuration Items or via reports, in order to check for the location of an asset.
Check out these articles:
https://www-secure.symantec.com/connect/forums/automatically-add-asset-location
https://www-secure.symantec.com/connect/forums/assigning-asset-location
The smartest way to setup Location within Asset Management is mentioned in both. They mention using Subnet sync to populate location, so that you can use location awareness through your network specifics. Configuring Racks within Asset is just a matter of making associations and not exactly setuping up racks' locations in order to view where servers are. It can help you locating your servers, but through associations, only.
I created the custom SQL for the report you need:
SELECT DISTINCT
vra.Name [Server],
vc.[OS Name],
vc.[IP Address],
rack.[Rack],
rack.[Rack Location]
FROM
vComputer vc
LEFT JOIN vAsset va ON va._ResourceGuid = vc.[Guid]
LEFT JOIN vRM_Asset_Item vra ON vra.[Guid] = vc.[Guid]
LEFT JOIN ResourceAssociation ra
LEFT JOIN vRM_Computer_Type_Item vact
ON ra.[ChildResourceGuid] = vact.[Guid]
ON ra.[ParentResourceGuid] = va.[_ResourceGuid]
LEFT JOIN ResourceAssociation ra1
LEFT JOIN (SELECT va._ResourceGuid [ID], vra.Name [Rack], val.Location [Rack Location]
FROM vAsset va LEFT JOIN vRM_Asset_Item vra ON vra.[Guid] = va._ResourceGuid
LEFT JOIN vAssetLocation val ON va.[_ResourceGuid] = val.[_AssetGuid]
WHERE va.[Asset Type] = 'Rack') AS rack
ON ra1.[ParentResourceGuid] = rack.[ID]
ON ra1.[ChildResourceGuid] = va._ResourceGuid
WHERE
vact.Name = 'Server'
I think it needs improving, but take a look in your environment and see if fits.
I hope those will help you.
Regards.