Now this is BIG news

Yes… yes… no? G spot finding fails to convince 

Study confirms anatomic existence of the elusive G-spot

• "Adam Ostrzenski, M.D., Ph.D., of the Institute of Gynecology in St. Petersburg, FL, conducted a stratum-by-stratum anterior vaginal wall dissection on an 83-year-old cadaver. The dissection established the presence of the G-spot, a well-delineated sac structure located on the dorsal (back) perineal membrane, 16.5 mm from the upper part of the urethral meatus, creating a 35 degree angle with the lateral (side) border of the urethra." 

Boy, that does not sound sexy at all. 
 
Yes, it does exist: U.S. gynaecologist says he has found the G-spot (but it's very, very small)

G-Spot Exists? Researcher Says He Has Evidence, But Skeptics Dispute Finding 

"This study adds to the debate, but as a whole, it doesn’t contribute new information" to what we know about the G-spot, said Dr. Amichai Kilchevsky, a urology resident at Yale-New Haven Hospital in Connecticut.
...
But in any case, researchers are likely to learn more from dynamic studies of living patients — such as functional MRIs, which can show what happens to tissue when it's stimulated, he said.

Clearly, this subject requires dedicated, in-depth investigation with a large spectrum of willing volunteers.  I'm in.