No need speculate anymore. iPad does GPS if you have $629 or more. That’s because it is only available in the model that carries a 3G module.
Nowadays you can almost be sure that anything that carries a 3G antenna is also capable of A-GPS. A-GPS stands for “assisted GPS” and is actually better than plain old GPS, not the other way around.
But anyhow, the base model is also location aware, though not as much as the 3G model. It can figure out your location based on Wi-Fi signals, and figure out your direction using the digital compass. 3G model however can also figure out your location using cellular towers. Both models also carry the accelerometer.
So what can you do with a GPS enabled coffee table device? You can use any of the existing GPS navigation apps for the iPhone if for some reason you take it with you on a vehicle. No kidding though, this ridiculous article on NYTimes actually thinks Apple iPad is a threat to standalone GPS navigation systems. The commenters are even more funny…