Differences between GPS tracking and LBS tracking:
There are big differences between them because of different tracking theory:

It is 30cm accuracy for GPS tracker which is used for military use in USA.LBS tracking used C/A which is inaccurate and the position error is 10 meters.LBS tracking has been widely used in civil because of the simpleness and easiness.LBS tracking is related with tracking technology, environment such as wireless environment, position and tracking hardware.
Let’s take LBS from FCC as example: the accuracy for 50 meters is within 67% and for 150 meters is within 95%.

2.Working coverage
GPS tracking gets gps signal from satellite, so the gps signal is not very good sometimes and no tracking in room, basement and tube. But the gps hardware can get gps signal from 4 satellites at least no matter where and when it is because of the positions of 24 satellites.
LBS tracking is tracked by GSM ID from GSM network, so this function can work in the place where is with mobile signal, so LBS tracking works in room, basement and tube. But the gsm signal is not good in some remote area, so LBS tracking cannot work well in these places.

3.Tracking speed
GPS hardware needs to track when it gets 4 satellites and keep several minutes when it is in cold operation. It needs 10-30s to work even if in warm operation. But LBS tracking can work within several seconds.

4.Cost for using them
It is free to get GPS signal from satellites for GPS hardware, so no need to pay for GPS tracker. But LBS tracking is based on gsm network, so need to pay monthly fee.

GPS trackers and LBS tracking work well both after testing for many years. But GPS satellites belong to USA, so maybe USA will close them in military period. But LBS tracking based on GSM network, so more reliable. In conclusion, GPS tracker and LBS tracking have advantages and disadvantages, so most of GPS hardwares are with GPS tracking and LBS tracking both. This kind of gps hardware will make the position error to be 10-50 meters. When the GPS hardware is in underground park or indoor, the LBS tracking will work automatically. In this case, the GPS hardware can get position information always.