I carry a Silva compass for my map reading companion, a small Marbles brass compass for quick "north" references, and a couple of small Brunton watchband style compasses tucked away in various kits.
I have two gps receivers, but don't routinely carry them unless geocaching.
The Magellan Meridian Gold has maps downloaded that go to street level, show water locations (streams, rivers, lakes), and it eats batteries like nobody's business. The eTrex has no fancy features, but will run 24 hours or so on lithium batteries.
Nice to have, but the compass will keep going after the batteries are long gone.
Map and compass will win out in a survival situation, IMHO.