So, I thought my compass was FUBAR'd. I finally detached it from my console and played around with it trying to make sense of its crazy behavior, only to find out it works perfectly now. A little bit of troubleshooting and here's what I found out:
Needly pointing to magnetic N just like it's supposed to:
Here's the clip that is attached to the console (right by the compass). Oh noes!!!1
Turns out that crappy ring was slightly magnetized or something. I got a new stainless steel replacement (which Bud @ Bubbles Below gave me for free even though I didn't purchase this from him) and everything is hunky dory now.
Needly pointing to magnetic N just like it's supposed to:

Here's the clip that is attached to the console (right by the compass). Oh noes!!!1

Turns out that crappy ring was slightly magnetized or something. I got a new stainless steel replacement (which Bud @ Bubbles Below gave me for free even though I didn't purchase this from him) and everything is hunky dory now.