The GPS is a 60Hz breakout module. It sends data to the serial monitor at 2 Hz, so I am assuming this is as fast as it can print to the serial monitor, but may be wrong. The GPS is pretty accurate, up to about 30ft. As far the the speed, it is remarkably accurate, as I tested this while driving.
I have yet to see any information on my handheld device, because I do not know of an app that works for receiving info, at least I cannot get one to work. I have downloaded Bluetooth Serial, and am able to send info that is typed in the app to send to the arduino. But I do not know how to send the info from the arduino to the app.