It works but you may want to search the forums for registry tweaks to optimise the GPS for pedestrian usage. Software I use - gpssonar (free), memory map (extortionate but good) and cachemate (shareware.)
Ask on the geocaching forums for other software recommendations.
Your battery will drain quite quickly so you may need to think about a back-up battery/charger if you are going to be out on foot for hours at a time, and you need to think carefully about the kind of terrain you will on. Do you want to risk dropping your Rhodium over a cliff or in a river bed? Do you want to test how well it survives a heavy downpour outside? Purpose-built GPS devices tend to be rugged and waterproof - plenty to think about there.