I use the Personal Hotspot in my iPhone for my iPad when traveling.
It's not perfect, as once the iPad drops the connection, the iPhone won't let it reconnect without disabling the personal hotspot and reenabling it to make the iPhone "discoverable" again.
And, you don't get the GPS accuracy, either. I've suggested to Apple that they allow the GPS API on the iPhone to be accessible from a connected iPad. But, they haven't even replied to my suggestion.
That’s interesting. I do the same thing but I don’t have any problems with GPS location (the Maps app in the iPad works just like in the iPhone when I have it tethered.)
I use the Bluetooth connection option instead of the wireless hotspot. Maybe that’s the reason. I never could get my iPad to discover the hotspot the iPhone was broadcasting. But the Bluetooth works fine.