No mention of the Russian GLONASS system? It's supposed to help with positioning and relatively new. Kills the battery though.
From what I've heard, survey-grade GPS receivers should be accurate to centimetres, so it's just a matter of the tech filtering down to consumer-grade stuff.
Survey grade GPS units use a differential carrier-wave analysis, using "offline" ephemeris data.
Essentially, it requires two GPS units, and performs a differential analysis between the two receivers, to determine the exact number of waveforms in the signal. Thus it is
not time-based in its measurement per se but rather resolves an ambiguity (the number of full wavelengths between the GPS satellite and the receiver). Having measured this, and having the receiver measure the fraction of the wavelength received, makes it possible for the receiver to determine there are, say, 150395.4490 wavelengths between the GPS satellite and the receiver. Multiply by the wavelength, and you get an exact distance, without having to involve time in your measurement. Mind you, timing is still essential, but it doesn't have as crucial a role in determining the receiver's distance to individual satellites. Earlier consumer models made use of the data encoded in the GPS signal to determine the time for a signal, which you multiply by the speed of light to give you a distance. This required
very precise clocks, as the difference of a nanosecond will result in ~0.3m of error. That's not to say that you can have less accurate clocks in survey equipment though!
Survey equipment then has a couple of incidental advantages:
1. It is not reliant on the encoded GPS data, thus is much quicker and allows for real-time centimetre level accuracy even as you move around. Consumer GPS devices will "jump" around in a small radius, and may lag slightly as you move around. Survey equipment will not jump around. Once lock is achieved, location is precise, steady and real-time.
2. As it is not reliant on the encoded data, it can make use of the P/A signal as well as the C/A signal, since it only cares about the carrier wave itself, not the data that the carrier wave encodes; which allows for even greater accuracy and reliability. In fact, before selective availability was turned off, this technique (differential GPS) allowed for the use of the P/A signal to cancel out the effects of SA on the accuracy of GPS.
Of course, at that level of precision, many different factors start to affect your GPS accuracy - time of day, temperature, multipath (highly reflective surfaces nearby), solar weather, latitude, and even orientation of your GPS unit.
Edit: more sources of "error":
Geiod model, coordinate system (UTM versus a local system, NAD27 vs NAD83 vs WGS84), humidity, atmospheric composition, air pressure
All of those will have a significant effect on your centimetre-level accuracy.