GPS is markedly better than terrestrial band radios (several orders of magnitude better precision), because the GPS receiver necessarily performs correction for signal transit time, and also because the GPS carrier frequency and chip rates are much higher than for the NIST signal (allowing phase detection to yield a more precise time). The master clock for GPS is at least as good as NIST's master clock. However, it is an independent clock, and while both NIST and GPS time are periodically adjusted to bring them towards UTC as measured in Paris, they do drift a little (up to about 20 ns). UTC itself is calculated as an average from hundreds of independent atomic clocks in dozens of countries (including both NIST and GPS time), and used to tune a master clock in Paris, giving a single universal time measure of the highest possible accuracy.
If you require a precise frequency reference, then GPS is extremely good. A low-cost GPS time reference module (<$100) will offer long-term frequency stability at least as good as a standard-grade cesium reference, with phase noise of less than 30 ns (cheap boards tend latch the pulse-per-second signal to the module CPU clock generator - although if you need better precision than this, most of these modules will transmit a digital error signal over a serial connection stating how many ns early/late the PPS signal was). Better boards with fully asynchronous PPS generators can have timing precision in the 2-3 ns range.
It has always been assumed that this precision is absolute with GPS. However, it has never been tested until recently; the recent use of GPS timing to support high-energy physics experiments has revealed some discrepant timing results. Some researchers have identified a possible error in the GPS time/position solution algorithm which may introduce errors of several 10s of ns between receivers at different positions on earth.
On a practical note, you do need to be very clear what time measure your GPS actually emits. Many report GPS time for reasons of simplicity. GPS time uses a simple rule of 60 seconds in every minute. By contrast, UTC may occasionally have 59 or 61 second minutes (in order to remain in sync with mean solar time, while keeping the duration of a second constant) - the missing or extra seconds know as "negative" or "positive" leap seconds. As a result there is an offset between GPS time and UTC (which is currently 15 seconds) due to accumulated leap seconds.
Most GPS receivers are configurable to emit either UTC or GPS time. If using UTC mode, you should check to make sure that the equipment receiving time data from the receiver will not malfunction in the event of leap seconds.