What would a GPS chip add to a camera?
-geotagging of every frame with time, date, location and altitude
-atomic-clock-precise synchronization of timecode on every camera, anywhere in the world. (You could have 100 Scarletts shooting the Olympic games at 25 different venues separated by miles, traffic and logistics, and they would all use the exact same, subframe accurate time code!)
-with the addition of a compass/accelerometer chip - the camera could tag every frame with the direction the lens is pointing and the tilt angle (crucial for CGI work). With WAAS service, a camera GPS could be accurate enough to know where it was within less than an inch. (effects without tracking marks, handheld CGI plates, reshoots with extreme accuracy).
-contrary to popular belief, GPS is a one-way, receive-only system. You can't track a device that contains a GPS chip unless that device chooses and has the means to broadcast its location out to the world. It sounds like the new cameras will be wifi-enabled, so that communication is a possibility, but they won't be trackable unless someone builds in that capability.
Keep the GPS guys. I'll pay the extra two bucks!