It seems that the geocoded locations returned by event.search are inaccurate to the tune of about 1km.
For the event 4048565 if you click on the Get Directions link then Yahoo Maps take you to pretty much the right place. But if you get the event record via the event.search api method it gives a location of latitude 51.5448, longitude -0.1057, which is about 1km away (apologies for the Google map, I couldn't work out how to get Yahoo Maps to show a lat/long).
I've found a similar thing for most events in London.
There's another problem that sometimes the geocoding misinterprets the address, in which case you get the wrong location in Yahoo Maps as well.
Is there a better place to record bugs than here? (I've found quite a few).
Dave.