Yes I am in Wilmington, NC. And, yes, I'm talking about the mean accuracy at the bottom of the screen. That is an indication of how accurate the GPS receiver is at marking the time as referenced to UTC. It is pretty much the basis of this entire system. I suspect that the way it's done is that the running counter is stored at the moment that the board decides that a strike has occurred. And the delta from the last UTC timestamp as marked by the time pulse.
The receiver I'm using to test is a FEI GPS / Rubidium. Older, but intended purpose was precision timing. I just wanted a sanity check on what looks "normal". I'm in the ~40ns range for accuracy. I've got some Trimble ace ii receivers that should work OK.