The compas-in-a-watch concept isn't exactly a breakthrough in functionality, but my goodness is Porsche Design's P'6520 compas watch pretty. Its black titanium case splits in two, with the Swiss movement timepiece on the top half and a removable liquid compas on the bottom.
The compas is viewed through mirrors on the compas 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. [Porsche via uncrate]