Yes, there is a GPS setting for ON, which means it's on all the time. There's also an "airplane" setting where the GPS turns on only when the camera itself is turned on. But even in the ON mode, it's too slow. The location recorded for your quick shot is not correct - it's the last updated position which could be a few hours ago. (Maybe carrying the camera in my pocket does have some bearing on that). I'm not familiar with the Olympus, but one spec which interests me is the "wide" end of the lens range - the wider the better. In my experience, there's no noticeable difference in lens quality or in-camera processing quality among the newer p&s's, and none of the LCDs are better than barely adequate in bright daylight. Mainly it's the combination of non-photographic features that makes one camera more suitable for motorcycling than another, IMO.
Priors: '13 K1600GT, '08 R1200RT, '04 R1150RT, '05 R1200GS, '73 R75/5.