Here is a quick work around to get it working ASAP.
When in your location menu, make sure you have the VZW Location Services On. This will enable the data services to find you. Once its on, the GPS will locate you VERY quickly.
Thanks, but that is not the solution for the problem I (among others) are having. Locating it not the problem. Orienting is the problem. This concerns the magnetometer, not the GPS.
Oddly enough, it also fixed my directional as well.