RE: GPS or Compass, which do you prefer?
Compass. Doesn't need batteries, doesn't have to be moving to work. A compass works the second you pull it out and doesn't have to connect to satellites. A compass is free of government intervention. It'll work in the thickest folaige and even under water. Most models weigh less and take up less space than a GPS. In conjunction with a topo map it will take you to desired locations.
I do use a GPS for blood trailing and marking new spots that I'd like to return to. They are good for finding the area on aerial photos and topo maps via the internet. They are not as accurate as they claim to be, however. They are IMO much more reliable in open terrain than they are in wooded areas.