I have a fairly cheap Timex ($35 IIRC) that keeps very accurate time; also has a count down timer, stop watch, and alarm functions, as well as a compass. The compass does seem to be passably accurate, from my experiences playing with it, but I always take a real compass if the situation requires it. My watch compass is strictly backup.

Really the question is why I bother to wear my watch anymore (entrenched habits of a crotchety elder?). Both my GPS or my cell phone keep better time than my Timex, and the GPS certainly tracks distances far more accurately than any pedometer of which I am aware <img src="/forums/images/graemlins/grin.gif" alt="" />