I have noticed that GPS models that do not have a barometric altimeter do give the altitude of waypoints and, therefore, the location of the altitude at the spot where you are standing. I have experienced the GPS altimeter more accurate than the watch models which always have to be re-adjusted manually.
In a review of the Geko 301, I believe by Alan Dixon, he found the GPS compass useful as a point-get-bearing to a waypoint without having to use a handheld compass or do a map transfer of bearings and declination adjustments.
Here is a reviewer's comment from another site:
"Very happy with this little guy. I chose the 301 over the 401 because I wanted to track things based on GPS altitude and NOT barometric altitude. Specific example: pressurized aircraft cabins will not read correct altitude on the 401 because it's barometric... the GPS readings are slightly less accurate but ideal for what I needed.
There are lots of free software tools that read the GPX format that this device uses. You can also edit the onboard .gpx file directly if you really know what you're doing, which is very nice for bulk imports, etc. Just copy a valid .gpx file into the "GPX" folder (one level ABOVE the one that you download in the first place).
The GPS receiver is much, much more sensitive than earlier generations. It locks on to satellites in much less time, holds the signal better, and works through more overhead cover. This does NOT mean that you can take it into a cave and get a signal, nor will it work in the center of a widebody airliner... but it's still much better than anything else I've tried.
The logging and interface are a little cumbersome, but that's the tradeoff for making something this small and rugged (there are only four control buttons plus the one power button).
All in all, I've been exceptionally happy with mine."
I was surprised to learn the Roper and others(eg. Andrew S.) carry neither GPS or compass along the High Sierra Route. They say they can see landmarks and passes far enough ahead.
The review was by Alan Dixon: