Just bought
this compass online after having it come to light yesterday that I really need one (after getting lost and crashing my bike in Kansas -- see:
http://twitpic.com/1ginrp), since I basically navigate using the four directions anyway. It's a cheapie, so hopefully it'll be at least somewhat accurate (all the fancy-pants expensive ones I saw on Froogle were way bulkier than anything I'd want to wear on my wrist on a regular basis).
I also like that among the reviews is a woman who mentions that it is "easy to use... [and] it is a good looking watch and not too bulky so you can definitely wear this on a date or whatever." Any chick who wears a wrist compass on a date is good in my book.