"As stated, the bezel serves as a compass rose. Assuming the red airplane looking needle is the electronic compass indicator (no digital readout that I can see), turn the bezel to orient North with the needle. (???)"

Right, You put your Azmiuth of travel at 12' oclock, then you turn your body till you align the North hand with North.

The LCD ones I have seen are Timex Expedition watches at Wal-Mart.