I wrote about connecting a Pharos 360 GPS until to the Samsung i700 Pocket PC Phone in this post. Thanks for all the comments and Emails related to that. One of the problems I found with the unit is that it's very difficult to allocate COM1 to the GPS unit - sometimes the external keyboard grabs it, other times it's just not accessible.
To finally solve this, I came across a driver that keeps the port permanently allocated to the GPS (while still allowing ActiveSync to work correctly). You can find it here. Thanks to SupplyNet for posting this.