I have been testing NTP with the LinuxPPS implementation since two weeks!. The setup consists of Accord's GPS Clock (NAV2300) and a Linux box running 2.6.23 kernel patched with corresponding LinuxPPS and latest
NTP development version(ntp-dev-4.2.5p@135). Here are the some of the graphs.
*Please view them in full scale by clicking each one of them!*
Offset:

Jitter:

Noise:

Frequency:

Stability:

Observations
- The HZ values is default to 100 Hz
- The initial offset which is in the order of few milliseconds (-5 ms) takes about few hours to settle down to few microseconds.
- Same is the case/trend with rest of the parameters that include frequency, jitter and stability which gradually stabilize after few hours.