I recently purchased the TISSOT T-Touch - at £550, not the most expensive option, although certainly a handy little gadget for the price. I have found the compass to be very acurate and easy to use in the air! (would have to go for the orange strap).
Tissot
http://www.tissot.ch/data/usersmanual/138-en.pdf
Tom..... you've aged mate!!!!