The newly updated app TCompanion What Direction is ...? now has a new lower price, which is $1.
TCompanion uses GPS and compass to show you what direction you should take to get to some place you marked. Your iPhone knows where you are, and you tell it where you would rather be. TCompanion shows you an arrow, which shows what direction to take, until you're there.
TCompanion is for pedestrians or cyclists, for whom conventional GPS-devices are suboptimal to put it politely.