Galaxy Nexus Android 4.2.1 GPS bug is certainly annoying but seems easily fixed.
Try the following:
1. go to settings
2. Location Access
3. Un-check ‘Wi-Fi & mobile network location’
4. Re-check ‘Wi-Fi & mobile network location’
or possibly try the following:
1. On main page press the search bar at the top (box written Google following of a mic symbol). This will open Google Now
2. Google now will tell you that location service is currently Off.
3. You will have a link to a setting menu to turn it on
4. Go in that menu and turn it on.
5. The GPS/Navigation still not working.
6. Repeat step 1.
7. Repeat step 2.
8. Now you will see something like “Enable Google app access the GPS location”, turn it on.
9. There we go, the GPS/Navigation works again!
Seems like the GPS is spending a lot of time trying to connect with a signal.
Look in the settings for ‘Battery’. Investigate to see what apps may be using the battery way more than they should. I found ‘The Weather Channel’ app was the culprit. Once I uninstalled this app, the GPS stopped trying to constantly connect.
Other users have indicated issues with certain apps like ‘Shazam’ and possibly ‘Zillow’.
Whatever the case…keep an eye on apps that frequently use location as part of their service to you. Sometimes un-installing and re-installing these apps may solve the problem.
Also I have found that deleting app caches tends to speed up the phone. Check out ‘App Cache Cleaner’ in the Play Store. https://play.google.com/store/apps/details?id=mobi.infolife.cache&hl=en