I thought of a problem with the cell phone broadcast stations before:
The phenomenon of traveling around the world only appeared near (respectively in) my house and nowhere else, neither on the street nor in other buildings. So the broadcast station(s) next to my house might be the reason.
2 iPhone 4S with O2 Germany got the correct location all the time, also in my house.
1 iPhone 4S with Telekom Germany traveled (Spain, Czech Republic, but mostly the same place in China near Shanghai), but only when I was in my house (no GPS-fix). Right location came back when going down to cellar (no cell phone net but WIFI-connection to my own router).
So the issue is location- and net- but NOT O2-dependent.
The problem appeared to me suddenly on Dec, 14th and is gone since Dec, 16th, without changing anything by myself, Finding location in maps is even working very faster and more precise than before.
traceyfozz mentioned before in this thread: Apple said, that they are "sending out updates to all network providers to solve this issue" and that "they are sorting settings with network providers".
This also suggests an error in the broadcast stations.
If this was really said by Apple, than it sounds good, but why can't Apple release an official statement?!