David Pogue, in his NYT review, wrote, “Unfortunately, there’s not much you can do with the G.P.S. According to Apple, the iPhone’s G.P.S. antenna is much too small to emulate the turn-by-turn navigation of a G.P.S. unit for a vehicle, for example.”
I would think then that for geocaching purposes, where you might want resolution down into the single-digit number of feet, it’s probably not going to work so great.
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Which is a weird thing to say, I think. I use a blackberry with Google Maps. And yah, it can do the big 1,200m circle margin of error thing. But when driving, it updates live and is pretty doggone accurate. Zoom in closest and, in a strong EDGE signal area, it shows my exact position pretty well (down to the correct side of the street).
Yah, I know cell tower triangulation isn’t the same. And yah, it’s not always that accurate. Point is, it is very accurate some times. With the real GPS capability built into the iPhone, I’d tend to be optimistic.
If nothing else, you could play Monkey Ball whilst tearing up a particular geocache site looking for the prize/notebook/treasure chest/whatever.