NICE indeed. But TIMTOWTDI and here's one more (not better, just shorter and how I would probably have done it)

(bash + perl, Pg connects via PG* envvars)

wget --timestamping http://geolite.maxmind.com/download/geoip/database
+/GeoIPCountryCSV.zip
wget --timestamping http://geolite.maxmind.com/download/geoip/database
+/GeoIPv6.csv.gz
echo "
create table           geoip (
   netblock     cidr not null,
   country_code text not null,
   country_name text not null,
   constraint geoip_pk primary key (netblock)
);"| psql \
  && ( unzip -p GeoIPCountryCSV.zip ; gunzip -c GeoIPv6.csv.gz ) \
   | perl -MNet::CIDR -ne '
       chomp;
       my @arr = split( /\"\,\ ?\"/, $_ );
       my @cidr = Net::CIDR::range2cidr(sanitize($arr[0]) . "-" . sani
+tize($arr[1]));
       for my $subcidr (@cidr) { 
          print $subcidr, "\t", sanitize($arr[4]), "\t", sanitize($arr
+[5]), "\n";
       }
       sub sanitize {
           my ($val) = @_;
           $val =~ s/^\"//;
           $val =~ s/\"$//;
           return $val;
       }
' | psql -c "copy geoip from stdin with (format csv, header false, del
+imiter E'\t');"
[download]

(I get 326604 rows (in 12 sec))