I looked into this years ago when I first got Sat-Nav so not sure if these facts are still current.
A speedometer is never allowed to show less than the actual speed of the car and not more than 110% of actual speed + 6.25mph. So at 70mph (real speed), it could be showing 83.25mph. Clearly car manufactures will set them high in order to remain within these parameters and how high they show depends on the amount they choose to over clock them and how well they are manufactured within the tolerance. So it will vary from batch to batch. And of course as has been pointed out, the measurement is taken from the drive shaft so it will also be effected by the diameter of your tyres.
As people have pointed out this will also reflect on odometer, mpg, cruise control, speed limiters and anything else that relies on time over distance measurement. For example I never trust the mpg it tells me, as this is always way over what I measure from filling the tank and looking at the odometer difference (yeah I know the odometer is also inaccurate but I just can't get my head around that).
Sat-Nav technology is much more accurate, setting aside that it doesn't allow for changes in altitude. So unless you are going down a 1 in 1 hill is is probably showing your actual speed. As it is distance over time, the faster you go, the more accurate it is.