This is really rather cool: The “Micro Mini Quadcopter” out now for $55 on GLB rocks a puny Atmega328p, but also the excellent MPU6050 gyro/accelerometer. The board comes pre-programmed with an unknown version of multiwii (probably 2.1-ish) but there’s FTDI connectors for easy flashing. A 1S 350mAh LiPo supplies power, the even connector works fine for the default Walkera plug. You bring your own receiver, and probably solder on the individual channels too.

GPS, although not supported officially, is probably possible. However, with a total weight of 17 grams sans battery you’ll have to find a damn small GPS module, fiddle with the board layout/processor pins, and use the latest SVN head of MultiWii 2.2 to cram all that into the little Atmega328p. What you definitely can do is slap a Bluetooth module on this, and heck, even enable Bluetooth remote control.
The little quadcopter that could was already on sale some time ago, however this time it comes with a better sensor, nice machined landing skids and a new price.
So yeah, this is a toy. You can do worse than spending $55 on this upgradeable little quadcopter though.
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