Happy New Year [tomorrow]!
No, not GPS. Timex does make one with a GPS, but the GPS unit is separate, so you wear it clipped to your shirt or waistband. It's much better that way, as the watch is much smaller and carries far more information as a GPS receiver than if it had to pack the extra electronics within (think of the Garmin 305). Newer Timex units have the GPS on them, and run over $200.
As an aside, I have the timex GPS- it is huge, and it can take anywhere from 2-15 minutes to get a GPS signal. I've found the sweet spot in my house to turn it on as I'm getting dressed for my run, so it is ready in a few minutes, but if I forget, it takes forever. I also have yet to get it to download properly to my Mac. Info use it daily and it is very accurate, but I do get really frustrated with it when it can't get a signal.