I'd like to add that with the compass, I hope they'll take Fallout 3's compass and work it a bit.
In Fallout 3, you also had the icons popping in your compass telling you that you're getting close to a map marker, but it did not tell what it was (Dungeon, Camp, Base, etc). Would be great with the icons, is that they pop only when you're pretty close to them, instead of showing up from too far away.
And with quest markers, I believe Fallout 3 did it pretty good, compared to Oblivion. If you have to take an item from a dungeon, the quest marker would only point towards the dungeon itself, since the quest giver would tell
you how to actually get there. (Something not present in Oblivion) In that case, the quest marker is helpful since you are basicly following the directions given to you by the quest giver. Once inside the dungeon, you're on your own to find the item.
While in Oblivion, especially with the Thieves Guild, the quests pointed directly to the item you needed to steal. That pretty much kills the fun in exploring the location to find the prized possession. Thief's missions didn't included a quest marker to show the marked item. You had to do some scouting, listening to conversations, find hints.
So, all being said. I'm sure that for TESV, a lot of gameplay elements that were present in Oblivion but fixed in Fallout 3 will make a comeback. And I hope they will. (And please Beth, give us a good Journal/Log! Not "I should do this", "I should do that".)