FH (especially with help of the numerous plugins) offers indeed a multitude of ways to implement users ideas, wishes etc.
For me this means that I've to ask myself why would I want what?". My answers to that question for the Place considerations are:
1. Places are about two things: naming and location on earth. The naming may change over time while the location stays the same. This is neatly solved in FH by using the standardized name and using the geo-location of that name. Sometimes we have Places with the same name but at a different location. Here also the standardized name and the (in this case different) geo-location help us out. In this case it's usually wise to add extra information to the name (e.g. county, province etc.) to set the names visually apart.
2. To not clutter up the narratives, I want the names to be as short as possible. So, no extensive use of state, county, province, country etc. info if, from the context of the narrative, it's obvious where the Place is expected to be located. And, due to point 1 there's always an exact reference to the location on earth.
3. Sometimes interesting information about the Place is available (e.g. the name of the hospital where a child was born, the name of a graveyard, the name of a church where people married etc. etc.). I'd like to add that in to the "Place name" to make it easily accessible within FH (see my solution for this in my former post).
For what it's worth: up until now the above approach has served me well with thousands of Places in The Netherlands, Belgium, Germany, France, the UK, the USA and a few other countries. :)