And, while we're at it, I did these tests a few years ago when the Edge 305 was introduced. The Edge 305 and 705, as you probably know, have barometric altimeters, but they can't be calibrated. I posted a plot of four Garmin devices here: http://www.bollar.org/images/edge305elevations.pdf
In short, the barometric Garmins started off with the same deviation from true altitude and converged on true altitude over time, which took about an hour. I never did a test to see how long this would take if the GPS was left on but motionless before the ride.
Other thoughts I had about the Edge 305, which was cutting edge at the time with the SiRFstarIII chipset are here: http://www.bollar.org/edge305.htm