I did read and better than you. GPS is not built in but rather is Assisted GPS which means it uses the cell towers to get location. That means you have to have a contract to use their service.
If you get the WIFI only version you will not have GPS.
You're wrong about what assisted GPS is.
Assisted GPS *requires* a GPS receiver in the device. However, the GPS receiver in the device doesn't have to have as many channels as a "full" GPS receiver.
Some implementations of assisted GPS require a cell phone tower, and won't work without one. Others (such as in the iPhone) CAN work stand-alone, but are slow at acquiring a lock initially. I've developed a GPS iPhone app, and seen how it works both with and without cell access.
With cell service, it can lock in a few seconds. Without, it could take a minute.
I assume it's the "Apple kind" of assisted-GPS.
Bottom line, though is it DOES have GPS. Surprised they didn't mention it in the talk, but there it is on the spec page. Assisted GPS means GPS receiver in the device, period. There's some small chance it wouldn't work without a cell tower (as in many feature phones today) but unlikely since they already have standalone capability in the iPhone.
Correct that GPS is built-in only for the 3G model. (Which they confusingly call the "Wi-Fi + 3G" model). I think this is because the GPS and 3G are in the same chip.
Oh, and it has the compass, too. So, I take back my GPS disappointment. This will rock as a giant in-vehicle GPS display with the ability to run custom apps (WAY better than just a Garmin, etc.), and see applications for police, delivery, etc. These guys use expensive dedicated devices right now. This will be very tempting to the bottom lines of these organizations, because it is a high-production consumer device vs. the high cost of low-production special-purpose devices.
Bring on the car mounts, sure Proclip is already working on the adapter!