Good little compass - Suunto Clipper Compasses - can be attached to Watch Band or Bag Strap

This is exactly what I wanted. The compass is of good quality and is low-profile enough that it's on a strap on my backpack, out of the way.
Pros: Small, accurate, low profile
Cons: none so far

This review was written in the old system and had content requirements that are different than reviews written today.