According to the article "U.S., E.U. agree on common GPS-Galileo signal design" at EETimes, The United States and the European Union are moving forward on a common system of satellite navigation after reaching an agreement on a joint civil signal for the technology. The US system, called Navstar GPS, is the only fully operational GNSS (Global Navigation Satellite System) currently in use, though the EU's Galileo project is in the initial stages of deployment. The new agreement eliminates compatibility and security issues, and will allow makers of GPS equipment to increase their devices interoperability by utilizing the new common signals, dubbed GPS L1C and Galileo L1F. The European Commission's Director-General Matthais Ruete says the agreement will "facilitate the rapid acceptance of Galileo in global markets side by side with GPS."

This probably means that we're going to begin to see a whole sets of new chips / devices working with both systems in the near future. This will add better accuracy for location based services (LBS).

Geocaching only gets easier...