I'm not arguing with what WTM has experienced, but mine is typically within 10-20ft.
You'll be fine using it for navigation as long as you're using your brain and not staring at the screen 100% of the time. We used it to run Old Hickory and Percy Priest before we had better graphs and never had a problem.
I would be more worried about the accuracy of the Navionics map than the GPS positioning. If the map was just generated from old surveys it may not be very accurate.