For Android users, check out "Field Compass +". It uses the phone's 3-axis compass to show a traditional baseplate compass view. You can sight on a target and essentially set the 'compass' bezel with a screen tap, then box the needle at the azimuth you've set. Works just as well as a simple Silva compass. An info pane on the bottom edge shows your GPS coords in the format and datum you select. There is no waypoint recording, routing, or GPS tracking.

The GPS phone app I use is "GPS Essentials". It has a highly configurable dashboard and full waypoint/route/track features. It has mapping functions but I haven't messed with those.

My phone is a Motorola Razr Maxx which has phenomenal battery life. And I would run these apps occasionally, not continually. Since I'm toting the phone anyway, it makes sense to have serviceable navigation apps on it as backups.