It looks like Geolocation would work well with OpenLayers

Yes it should (note that I haven't tested!). In your OpenLayers data view select the latitude and longitude columns from geolocation field.

If you are working with a lot of geodata, you may also want to check out the geofield module (http://drupal.org/project/geofield), which has support for lines, polygons and compound geometries.

Geofield supports points, lines, polygons, and collections. Also appears to be better supported: more installs, stable release, more active maintainers and more supporting modules. Geolocation has a nicer widget and provides pre-computed fields that help with proximity filter querying in the database.

Disclaimer: I'm a maintainer of geofield and am therefore heavily biased.

Definitely into collaboration. One regrettable thing is that geolocation got started a few months before geofield, then I posted geofield without even knowing geolocation existed. It would be nice to see them come together in some way.

Please look at this thread http://drupal.org/node/1129512, a more elaborate discussion about a merger of the two projects.

To your initial question:
Yes it works and I have tested.
I only use the google map widget to store the data in field_location and then in views add that field_location twice to the fiels section. One field with Formatter set to Lattitude text based-formatter and one to longtitude text based-formatter

Then at your format settings of the Openlayers data overlay format set the first one to lattitude and the second one to longtitude.

This works for me.

Following up on @phayes earlier recommendation with details on using "Geolocation Field" with OpenLayers instead of GeoField. I discovered that in order to get Geolocation Field to minimally work I needed to:

1. Add the content type's Geolocation Field twice to the Overlay View, the first formatted as Latitude data and the second formatted as Longitude data. (Image A).
2. Then I selected Views Format: Settings and under OpenLayers Data Overlay: Style Options I configured Map Data Sources for Lat/Lon Pair and Latitude Field and Longitude Field to reference their respective fields. (Image B).

I was never able to get WKT to work.

Image A

Image B

Hello phayes,

How can i show google map with several pinponts from different location?
Supposing users will find and pinpoint their respective locations of same city on Google map in creation of content.
I'd like to create view/page that have google map that show all pinpoints of above.

Really sorry if my question is out of scope for this post.

kind regards,
michel zin

Geolocation Field already interfaces with OpenLayers (and Leaflet and Google Maps) via http://drupal.org/project/ip_geoloc.
Check the special OpenLayers section in the README of the module: http://drupalcode.org/project/ip_geoloc.git/blob_plain/refs/heads/7.x-1....

Closing all 7.x issues. It's time.