Spocktek said..
If I strapped a GPS on my arm and went down a big hill on a skateboard would the speed be accurate?
depends on the GPS and how accurate you want it.
If it's capable of recording doppler data and the antenna has a good view of the sky, then the analysis of that data should be accurate to about 1km/hr.
If it only records trackpoint data, that accuracy may be only accurate to about 5km/hr.
The display Max speed is normally doppler in most GPS units, so that's probably within the 1km/hr range. But if you want average speed, it depends how it's calculated.