If I could only loose the compass then the feeling of being lost would rise 10 fold.Believe it or not, it is possible to navigate using the position of the sun and stars in the game this is what helps me forget about the compass( unless I have active quests).
I have NO idea how to read direction and time from looking at the position of the sun, and the shadows it casts. Creds to those who can

But as Ar-Feiniel said, just use the map, and one will have a clue as to where you are

Personally, I like exploring, so even if I am on a quest, I really don't pay any attention to the compass and just stroll off to see what I find

I tend to forget I'm on a quest and enter god knows how many caves and stuff along the way

And then suddenly I look a bit higher up on the screen and "Wow, there's a compass! Oh [censored], that's right, I was on my way over there...".

Good times, good times
