The compass-in-a-watch concept isn't exactly a breakthrough in functionality, but my goodness is Porsche Design's P'6520 compass watch pretty. Its black titanium case splits in two, with the Swiss movement timepiece on the top half and a removable liquid compass on the bottom.
The compass is viewed through mirrors on the compass face and the bottom of the watch half, and it works in both hemispheres. It's also waterproof to 50 feet. No word on the pricing just yet, but expect it to cost about what you paid for your car.