Adam,

If you are careful, you can be accurate using an inexpensive Brunton compass like this one. Mine was under $10 at Sport Authority. The needle settles quickly which is important for navigation. The only problem is the needle is red which means you won't be able to see it under red light.

I wouldn't recommend spending a lot of money on a compass until you are proficient in using one. If you are going to navigate at night, just get an inexpensive headlamp with white light. Another advantage to white light is it is easier to see hazards on the trail.

Be careful if you are attempting difficult navigation day or night. If you don't have TOTAL confidence in your navigation skills, it's easy to get lost if you are off trails. If you are seriously interested in learning precise compass navigation as a hobby, I can give you a learning path that isn't in any books I've found. Most of it can be done on streets around home or in parks. Much of it can even be done in large parking lots.

For precise navigation, I use a method that I've never seen in a book. It involves using a simple table and simple trig. It's an improvement on information you can find in this book.

I've never seen anyone using a compass on the trail, but I've also seen a lot of people looking at maps and wondering exactly where they are. Nobody was seriously lost though.