Can Image Annotate do this?

I'm planning to add image annotation to our site. I understand this module is at an early stage, but wanted to ask if it's heading in the right direction for what I'm looking for.

We already use Drupal to store several hundred old photographs, currently as Image nodes. Each Image links to one or more 'Place' nodes (CCK nodes, each noting one location, usually a building or other landmark). Here's an example: http://www.batgung.com/node/2621 You can see an old photo of Hong Kong, then underneath we've added a list of the main landmarks (Place nodes) shown in the photo.

What I'd like is to use image annotation to add a box to the photo, eg marking one building, and have that annotation linked to the building's Place node.

I'm imagining each annotation will be a node, that had fields like:
- Title: Not shown to user. Probably set automatically to something like 'Annotation for Node: 2621"
- Body: User can enter a text comment as the annotation
- Place: link to the Place node for the building, landmark, etc that has been boxed on the image
- Annotated Node: links to the image node that has been annotated
- Region: coordinates of annotation box on the image

So when a user adds an annotation they'll be prompted to enter a text note and / or choose a Place.

When a user mouses over an annotation they will see the text and / or the title of the Place formatted as a link to that node.

Is that anything similar to what you're planning?