Compass App is free application for iPhone 3G that lets you use your iPhone as a compass. This navigational or direction determining app uses iPhone’s built-in GPS system for this.
This GPS-based compass application pictorially displays the direction you are traveling.
It will give you your Latitude and Longitude values, speed in km/hour and also the angle at which you are traveling.
According the developer, this application may take a few seconds to locate you. And also, for this application to work properly, you should be traveling faster than walking speed.
You can download it free at iTunes Appstore.