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Mostly I agree with SM, I use the mounted GPS for everything, and have a spare handheld for emergencies.
IMO, the only thing a compass is good for would be to point me in the general direction of land (wherever it may be). Rather than drift or try to navigate aimlessly in the ocean.
At least if I could get close enough to a shoreline, I could follow it until I see a landmark. Using the depth finder to try to stay safe.
(Good reason to have separate GPS and fishfinders)
As for loss of electrical power in the boat, with these new computerized engines, you probably ain't going anywhere anyway. Call for help. (Always have a cell phone) !!!
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