Thanks for chiming in @Carl_Schaefer! The change described here is only in the user experience for the geopoint widget. It's mostly rearranging information that's already there. The most significant change is to add one more type of feedback to data collectors: "this point has such a bad accuracy radius that it's unacceptable." That will by default happen with 100m+ accuracy but will be configurable.
You can read more about geo-related functionality in Collect in the documentation. In particular:
The accuracy radius is an estimate of what Android calls the radius of 68% confidence: there is a 68% chance that the true location falls within this radius. This is an estimate reported by the Android system based on the available sensors (GPS, network, etc). The accuracy radius itself may be more or less reliable depending on the sensor(s) used and current conditions.
We do not currently expose raw GPS values and don't intend to unless Android functionality significantly changes. According to our testing and field feedback, Google's fused location provider does consistently provide more precise points more quickly than raw GPS. Even in remote areas, it can use things like cell towers to improve the location estimate. It is the same provider used by Google Maps.
The downside of the fused accuracy provider is that we don't know the details of how it works and it gets continuously updated by Google. As far as we know and can tell by observing its behavior, it already uses techniques like averaging so it would not be appropriate to layer on. There is a discussion on point averaging here.
Folks with very high accuracy requirements typically need to use external hardware which is used through a secondary application. You can learn more in the documentation.