So the compass has been useful in its own way for trading with cartographers, making maps, and finding spawn.
Its a useful item, and a key component to certain aspects of the game, but it still feels stiflingly limited by itself. A compass on its own can only find spawn.
I suggest adding in a waypoint block. Set the block down, right click it with the compass in hand and the compass will always point in the direction of that block.
It's always a chore to go out and explore the big vast world of minecraft, find all your goodies, but then realizing you don't remember which way home was.
There are methods to navigating in the game. The sun, and moon have always been a great help for me to find out which way I'm going, and the stars would be way more helpful if some updates could be made to them, but at the end of the day its not foolproof.
Then you have to go through the pain that is stuffing it all in a box, recording your location coordinates, killing yourself, recording home coordinates, and then making the trip between these two points. This later process works, but it's tedious, and in the end requires that you kill yourself. Something that could always point to one coordinate location would definitely make exploration less of a chore, and more fun.
There is nothing worse than finding a bunch of goodies, and then realizing you've lost your bearings.
Edit: Being able to dedicate compases to separate waypoint blocks would also be very useful.