I wouldn't argue with jwo! [bows to ultimate authority]
You do need to be sure the starting altitude is correct when setting off unless the unit has been running for about 30 minutes or more to allow auto correction.
Counsel of perfection though - what cyclist switches a GPS on for 30 minutes prior to moving off? More often I reckon, I set off on the bike and then realise I haven't switched the GPS on ...
Interesting, jwo's conclusion No.3 in this context.
When you turn it on, it goes into an auto-calibrate of the barometric altimeter. ... Once it's done with the calibration it sticks with what it's got - it doesn't continue to check the barometer against the GPS.
If this is the case then I'd see that as a basic flaw in the way it all works. The barometer is calibrated at, or soon after, start-up which is when the GPS data is at its least reliable - in many situations it would even be better not to calibrate at all (eg, if you switch on in the same location where it was last switched off).
Granted that 'leisure' GPS devices (and wrist altimeters) are nobbut toys, I don't see any evidence to take TimC's pessimistic view of their accuracy.
Pre-GPS days, I used to tour the Alps wearing a Casio wristwatch/altimeter and, given that in most of the French Alps you get a roadside altitude check every km, I never ever, over several years, saw a discrepancy of more than 7m between my wrist and the road signs. OK, so I wouldn't want to use it to land an aircraft on a foggy day, but short of that, I trusted it. Similarly with the Etrex GPS positional info (not elevation), OK I might not be able to use it for a land survey, but for anything short of that it seems cock-on.
I have noticed, using non-barometric GPS, that if Sheila and I are climbing a long drag together, we never ever have the same height displaying on our GPS. That in itself is explainable (my body blocks a lot more sats than hers does!), but what I find much more odd is that over a long climb the offset, whatever it may be (usually around 3m), seems to persist all the way up.