Use a bluetooth GPS receiver with apps like Maps and many others.
Using an external bluetooth GPS gives you better battery life and more accuracy. Ideal for geocaching and similar applications.
Please note: Most but not all applications will work. (e.g. Wikitude)
For a detailed review of the app and detailed descriptions of the settings visit http://l-36.com/bluetooth_gps_provider.php
The UI is simple to keep the memory footprint as low as possible. If you want to see NMEA data long-press the sat view.
When you have problems connecting to your GPS try different connection methods from the settings. Some devices need a power cycle once the Bluetooth stack had problems (it's a good idea to pull the battery for 30 seconds).
For more usage hints see https://plus.google.com/communities/104930572010612794860