I am looking for ideas of what other users place in the location field of the equipment module? We have been using MP2 since 1999 and there seems to be confusion as to what gets entered in this cell.

We use datastream 7i (the big brother of MP2) and in the case of assets (equipment) we use a combination of the owner, the site and the physical location of the equipment.
Something like:
342-TLF-A800, explained like
Refining Operations - TLF Operations - Utilities Area

I am just now in process of setting up MP2 and am freshly updated from a training session. My plan for the LOCATION field in EQUIPMENT is to use the location name(s) that I set up in the Facility Setup as the primary (exlant floor or diesel shed) and then use the "secondary location" field to more precisely locate(exffice 213 or pfA11(plant floor grid-A 11th ceiling grid). These locations are especially handy for equip that doesn't require frequent attention and the Maint Man may not immediately recall.