Have a look at the video above. It seems that tethering an iPad wifi to an iPhone will allow you to use GPS data on the wifi-only model iPad. For now, we can't confirm the validity of the video, but it's cool if real.
Some users have considered buying an iPad 3G just to have the GPS features, which is definitely nice for time on the road. However, it turns out that users who have an iPhone and have opted for the personal hotspot tethering feature introduced in iOS 4.3, (and don't mind the extra fees associated with it) can actually tether their iPad wifi to their phone and have the phone transfer the GPS data to the iPad, reports website 9to5Mac.
It turns out that it even works with the first-generation iPad, so there's no need to worry about picking up that iPad 2.
This comes from Kyle Carmitchel of TabletMonsters:
It is clear I am being fed GPS information from the phone, at what appears to be an interval of once a minute or so between refreshes (likely they didn‚Äôt do real time updating so as to go easy on the phone‚Äôs battery)
Even then, 9to5Mac says to take the video above with a bit of skepticism as they haven't been able to test it out for themselves. If anyone else out there has tethering enabled on their device, and gets to try it out, let us know in the comments–we'd be interested in hearing it from a few more users.