I downhill skateboard when it's a lot warmer than it is now. I've used a borrowed handheld eTrex GPS to measure speed before, and I'm happy with it, but the physicist in me can't help but wonder...
When bombing, of course, you are traveling downhill. Therefore, the speed on the GPS is probably only the horizontal projection of your actual velocity, which is doubtlessly very close to your actual speed, as these hills are'nt very steep in geometric terms. Now, with a few sats, I know GPS can also tell your altitude, so the GPS unit itself could be actually returning your true speed--I just doubt that it does. Perhaps a way to tell would be to get in an elevator and see if the 'speed' value goes above zero. What do you think?