Lots of good info in this thread...Been using a compass at work for the last twenty years for mapping tracts of land...for use in the woods get a compass with a mirror (Silva Ranger). Its the most accurate method for taking a bearing with a handheld compass...I have two GPS units that I also use. One is Garmin Etrex Vista ($300)that is used for just hunting/general use and its small and handy. The other Is a $5k mapping unit that I use for collecting data and drawing maps. Its usually accurate down to less than 3 feet. I don't depend on either one to get me out of the woods. If you don't have above good woodsmanship/navigation skills, don't buy a gps. It will give you enough confidence in the woods to get you in trouble when it fails and IT WILL FAIL, eventually. Get a compass. Learn how to use it in conjunction with a map. And, Like Mr. LaClair said, it might help you locate that buck. A gps is a great addition, AFTER learning how to navigate with map and compass. GPS units are handy for storing all those hotspots you find. Just don't become too dependent on them...JMHO YMMV...
David