Specify country through Google webmaster tools

Google has finally added a geo-targeting feature to their webmaster tools. They’ve been threatening this for a while – now you can chose the target country for your site, without having to move hosting or localising domains.
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The question is if it helps with ranking in specific countries. For example, once I define my target country as UK, does it mean that my site gets better rankings in google.co.uk?
I haven’t seen any updates of current positions after specifying the geo target. On the other hand it’s too early to make any serious results from it.