Compass Watch
The Watchface:
By setting Compass Watch as your watchface you have the compass always in view when you activate your watch without loosing the ability to read the time. When the watch is not active the compass stops and just shows the time and the last compass heading (in ambient mode).
The Wear App:
The Compass Watch app can run as a standalone compass app. In this mode the compass isn't obstructed by the time.