I have a couple of things I would look to do with historical GPS data.
I'm working on a method of leveraging the data to recreate the missing shapes.txt file from the OC Transpo GTFS feed, or at least a reasonable facsimile of it. I am working on a method of this now using data from last September, but it's already stale. When I get it working, I'll need to keep it relatively up-to-date using the most recent data. I've published some early efforts, but I'm looking at some new ways of doing it now.
Second, I'd like to do some independent digging into OC Transpo's On Time Performance figures. The city publishes fairly high-level stats, but most people seem rather critical that the results reflect their experiences. I'd like to dig into it a little deeper to try to tease out the reliability distribution across space and time. This is my real reason for the shapes data above. :)
Finally, I'm hoping there's something we can use to help model the effects on/of the LRT, maybe the west-end extensions.
I'm sure others will come up with more practical, real-world uses. My own interests tend to the policy level. :)