Ultimately if the poles flipped your compass would still work, you would just have to remember to look at the black end. There will be a confusing few 100-1000 years during the change.
The Chilean earthquake will change the tilt of the earth very slightly - about 3inches. But that doesn't affect the relative position of magnetic and true north.
It will also make the day slightly shorter.
Edited by NobodySpecial (03/02/10 10:29 PM)