I have a Casio Twin Sensor which contains a compass which seems accurate enough, although I have never had to use it in a pinch. Still,it is a nice backup. My main compass is a Suunto MG, which I have carried it for years, but rarely needed to use it. On land, in the mountain west, a compass is a it like a first aid kit. You carry it a lot, but rarely use it. But when you need it, you really need it. It is important to be aware of sources of local variation, which can deflect even the est and most expensive compasses.

I assume we are talking about compass use for route finding, and not for surveying or map making, which is an entirely different kettle of fish.