This is the FEZ Compass. It uses the 9DOF IMU attached to a serial COM port on the FEZ. The final version actually does not have the x, y, and z values output to the LCD because the displaying of the digits on the screen took a bunch of processing time and slowed down the readings. In future versions the handling of the display logic will be done on a seprate thread to improve performance.
If youd like you can download the project here (google docs):