My 1G bandit, as verified with my GPS, has almost a perfect 5% error. Speedo says 40, I'm going 38. Says 80, going 76.
As a side note, I love my GPS. It is one of the cheap units meant for hiking or whatever, it doesn't have any roads on it. It does have the locations of every little town. I like to pick a small town, do a search for it on the unit, it will display the town and make a straight line between me an it. Then I just ride and take whatever roads look fun and I don't have to worry about getting too far off course. I'm a big fan of getting lost, and this allows me to get even more adventurous.