Let's face it. Every minecraft player has wanted compasses to be more useful: they serve nearly no purpose to many different aspects of minecraft. I suppose if you are seriously lost, you might use it once and then chuck it in the lava. But what if you were to add NBT that allows compasses to point towards nearby structures, or towards nearby entities? It'd be pretty darn useful, not to mention that people could find so many more uses for such a useless item.
The Meaning of Life, the Universe, and Everything.
Not a big fan of a compass something that is only supposed to give you the direction you are facing to give you the ability to find structures or enemies directions. Would ruin pvp and the way you stumble across something and not find it with a compass.
When you find something you are normally happy because it would surely take you a while to travel through random places, but the compass giving the position of the object away would ruing a lot of the 'finding' structures aspect of the game, which is fun. Having to travel is the best bit. The compass would just bypass you being forced to find things on your own because you know where they are.