This report is an analysis of the accuracy limitations of hyperbolic multilateration systems. A central result is a demonstration that the inverse of the covariance matrix for positional errors corresponds to the moment of inertia matrix of a simple mass configuration. The insight afforded by this fact is used to resolve a number of questions relating to accuracy. Specific questions addressed include the following. 1. How does accuracy depend upon the number of receivers? 2. How does accuracy depend upon the deployment of receivers? 3. What is the maximum accuracy that can be obtained from N receivers? How should the receivers be deployed to maximize accuracy? 4. How do altitude errors compare to horizontal errors in satellite based systems? In ground based systems? 5. How is accuracy impacted by dropout of any particular receiver?