I would have to highly, highly recommend the Suunto SK7.
I had a SmartCOM console w/ built in compass...it kinda sucked because you had to pull your whole console out in front of you to use the darn thing. Kind of annoying...
A friend had one of the drop-in Scubapro/Uwatec electronic compasses. What a piece of junk!! I also have an electronic compass built into my eTrex Vista, but I never use that either if I can avoid it. I carry a quality "analog" compass when I'm doing anything serious that requires compass work.
Digital compasses are great in theory, but they suffer from a view drawbacks. They are VERY sensitive to tilt - they have to remain almost perfectly level to work properly. Hard to do underwater sometimes, especially in poor viz when you really need to rely on a compass to do some navigation. Also - the update and/or refresh rate is usually not as responsive as an analog compass. A good analog compass will move the second you do - it's instantly up to date where a digital compass seems to lag a little bit. Also, a good analog compass will have an INFINITE amount of sensitivity - you can move "half a degree left". Which, granted, may not be that important, but with some digital compasses they only move in several degree increments - the movement seems "blockier", if that's any help.
I recently picked up the wrist mounted SK7 and LOVE IT!! 30 degrees of tilt!!! It's almost difficult to get the thing to lock up...easy to read face, side viewing window...yeah, it's $45 but well worth the cash. You could go cheaper and get the SK6 - it's pretty much the same compass just not as forgiving on the tilt.