Last week I found my first as I awkwardly started using my iPhone GPS and learn its' limitations. It took two tries to find it. But today I had a breakthrough. I had an hour to kill in El Dorado, AR so figured I'd hunt some urban caches though muggles around. I had great success, finding 3 in about an hour. It was a lot of fun. The third one unfortunately a muggle saw me as I was replacing the microcache. Nothing I could do about that.
I've thought about buying a nice GPS, but have heard that they aren't much more accurate. I have found that the iPhone starts pretty inaccurate, but as you linger in the area and move about, it gets its' bearings and will get you within a few feet of it. The biggest limitations for it would be locating caches in areas with no cell reception. I've also heard it said they aren't accurate in the woods with tree cover. Is it ok to stick with an iPhone? I've only had to give up finding one cache in front of a museum by a busy street. Never could get it to pin down the location there.