location location location.
In some areas a dive knife would not be required and indeed in some areas they are prohibited by local regulations. On the other hand, if you're diving in an area frequented by fishermen, or in kelp forests where entanglement is a possibility, then a dive knife is an essential piece of safety apparatus. Knives with a flat bladed end that can act as a screwdriver / prying device are probably better than a full on underwater samurai sword.
At many of the dive sites in which I work, a compass is also not required. the fringe reefs go up, the dropoff goes down, so as long as you can tell the difference in 30metre visibilty, a compass is a nice thing to have but if you get lost on that type of reef you have other things you need to worry about! Again, on the other hand, in poor visibility or in flat locations, it is an essential piece of equipment.
I would advise you own them, and certainly carry them until you know for sure you won't need them.
As for lights, UK SL4s are okay; I found a great little torch from Intova which suits my purposes and isn't tooooo bright; I used to carry both my backup and primary as the same model, until some theiving b*****d stole them. I recommend LED over bulbs, as they are often brighter, less likely to fail, and require fewer batteries in the long run.
Hope that helps,
C.