I've used two different GPS systems (Garmin and Timex) and been wholly underwhelmed, the wheel seems way more accurate. With the older Timex GPS system I ran out a distance reported at exactly 5.00 miles, then retraced exactly, and it said I'd done 10.20. I consistently saw less extreme examples of the same. They're not good in areas with many trees. Using a wheel or a bike calibrated accurately on a track seems a lot better.
I also find the google-maps powered measuring tools such as
http://www.usatf.org/routes/map/ or
http://www.mapmyrun.com to be more accurate than GPS, provided that you use the satellite view, and not the map view.
At races I've heard people report distances for the same run that have differed by more than 1% when they measured the same distance. 1% might be fine for logging your runs, but not for measuring courses.