Well, after playing with all the new features on my (new to me) 04 LS430, I started explaining them all to my wife. She took the car out today, and when she returned she asked me where the compass is. (On the 02 ES we traded in, it was up on the mirror.) I told her I'd look it up in the owners manual.
In the owners manual, it points out that the compass is displayed in the center of the dash between the tach and speedometer, by pressing the DISP2 button "when so equipped". Each press of the DISP2 button toggles the display from "Outside Temp", to "Compass", to Blank. Well, I suppose my LS is not "so equipped", as I only get outside temp and Blank display with that button. Another page of the manual has a description of "COMPASS (Vehicles without Nav)". I have Nav, so I guess "No compass for me".
I suppose they feel that if you have that street map display on, you need nothing more than that.
So, all these fancy (albeit cool) buttons, features, and info displays, but they chose not to give us a simple "N", "E", etc.
Go figure