In New York - this is a fairly representative latitude where people live - crossing a wide street with two lanes will take about 25 meters, and you will pass about 0.1 seconds of longitude.
If you represent locations as 40 ° 42'42.96 "N 73 ° 59'23.33" W, then 0.1 seconds means the difference between one side of the street or the other. Depending on how you count your “decimal places,” then it ddd:mm:ss.ssssshould be accurate enough for human purposes. If you look at decimal degrees, then ±ddd.fff'fff'ffffor each of the latitudes and longitudes it will be enough, and you will leave some error for your rounding error.
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