I just made that up. It sounded good, don't you think?
I like seeing a needle move, observe how it responds to variables like depth and activity level. It involves the observer in the same way that an analog watch or oil pressure gauge does.
Mmm... I would use something like "gradient" instead of "level" myself.
You can trivially program a colour screen to show e.g. a green-yellow-red segment bar and wrap it in a circle if you like. Segment LCDs are a bit harder, I think aeirs had colour leds on the side of a300 for ascent rate indicator. What's left, then, is the polling rate -- I expect it to be on the order of seconds these days. Maybe tens of seconds. How often do you check your needle?