The iPhone 4 is much better and all you really need accuracy wise, unless you are a bit anal about wanting to where you are/where you have been down to the last meter.
I use Viewranger to navigate and track and its brilliant. OS mapping for £ or open cycle map for free and no data needed out on a ride.
I can track for 6 hours and still have 50% battery life if I turn of 3G and WiFi (which are usless when riding anyway).
The track accuracy depends a lot on which app you are using.
The only downside is the ruggedness and fragility of the thing as you really don’t want to get it wet or land on it. Strapping to the bars is a no-no.