SysOnChip's Smart Blue GPS receiver
SysOnChip's Smart Blue mini GPS receiver might not be the smallest GPS receiver available, but it looks to be the first one that can also double as a keychain. The unit is a 12 channel all-in-view receiver uses the XTracII chipset for improved GPS fix time and higher senstivity in the difficult environments and it's compatible with all Bluetooth-enabled devices. But it sure is one expensive keychain, retailing for £109.94, or about $193US.
[Via Red Ferret Journal]