Changelog from 1.2.1 to 1.2.4 includes set of bugfixes and additions. By the way, geoip-python-1.2.1.ebuild states incorrect LICENSE="as-is", it should be LICENSE="GPL-2".
Created attachment 178206 [details, diff] bumping patch dev-libs/geoip-1.4.5 is required according to changelog. I've tested the ebuild at x86 system, it seems to work fine.
+ 24 Jan 2009; Patrick Lauer <patrick@gentoo.org> geoip-python-1.2.0.ebuild, + geoip-python-1.2.1.ebuild, +geoip-python-1.2.4.ebuild: + Bump to 1.2.4. Fixing Licenses of 1.x ebuilds. Fixes #254665