I've had no issues with accuracy in open areas, only where there is considerable tree cover. But that's not really a fault of the hardware.
I guess not having to adjust anything is certainly possible, but it'll always be worthwhile to check just in case. You still need to upload via PC and 'sign' for your round so there'll always be some level of post-round interaction required. The more you get familiar with the process, the quicker it becomes. I fully checked, edited and signed for Saturdays round in around 5 minutes (upload time not included).
Theoretically you could assign a tag to penalties, but it would still class them as a shot. When you edit the round you can assign penalties to specific shots. Have a look at the 5th hole of my round on Saturday just gone.