Considering how easy it is to navigate with a conventional map and compass, I would not pay any significant amount for a GPS electronic compass. I do find a GPS an invaluable tool, but its Achilles heel is the finite amount of battery power. I would not care to squander that juice on a compass function.

My very basic GPS receivers will give me a direction if I move just a short distance (25 feet or so) if I must use my GPS in order to get a bearing, I can do so.

I have an electronic compass incorporated into my wrist watch, and it is sort of comforting to have it there as a backup, but I don't think I have ever had to use it for real.

In the fairly mountainous, feature laden terrain common in most of the western US, one rarely needs to use any compass. Orientation by terrain features is quick and at least just as accurate as using a compass. Get out on the water and bring on a nice pea soup fog, or trek to the north woods, and it is a different story.