The clock, at its smallest size, shows a sundial (about three-quarters of the size of the default sundial) and displays the game and real-world times. If it's expanded, it also displays the game day, date and year. If it's expanded even further, it additionally displays the current zone and location.
The compass, at its smallest size, displays, well, a compass. But the graphic has been modified to include two "LED" displays letting you know how your location will change as you move. The left LED tells how the first loc number will change, and the right LED tells how the third loc number will change. (The middle loc number reflects your current altitude.) Green indicates that the loc number will increase, while red indicates that it will decrease.
If the compass display is expanded, it displays the current zone and location. If it's expanded even further, it also displays the game and real-world times.
You can use either or both, as you see fit. Personally, I have the clock set to display *only* the times, as I see no real use for knowing the game day, date and year, and have the compass displaying the zone and location. But your preferences may vary.
080214 - UPDATE - Added zone location to the display, in addition to zone name.
060107 - UPDATE - Fixed the compass direction, which had been broken by changes made in LU 14 or 15, and recolored the compass and clock slightly to better match the new default UI.
(Earlier version history has been lost. Sorry. I was a bit overzealous in declaring this mod "obsolete.")
Please post any comments, suggestions or questions on the appropriate forum thread, and not here. That way, I'll know as soon as I visit that new comments exist. Thanks!