Trivia note: I believe the standard compass is called a "whiskey compass". Not sure why. Probably because if that's all the nav gear you got working you'll probably be using copious quantities of whiskey after landing. (Actually if memory serves I believe the early compasses floated in whiskey. No doubt this practice did not last very long. I think they use kerosene now)
Just trying to share a little FBO-lore. It's common to tell the whiskey compass story in the fashion I have. http://iflyasa.com/2009/10/11/whiskey-compass/
I was aiming for tone, not accuracy. There are all sorts of topics that pilots discuss with great vim and vigor. I was trying to convey that feeling. Looks like I missed the boat.
http://en.wikipedia.org/wiki/File:IGRF_2000_magnetic_declina...
Even if we could come up with a safe and reliable way to always have true heading displayed in the cockpit, there remains a very pragmatic reason for keeping runway numbers magnetic rather than true: under the current system, we have to change a few runways every once in a great while; if we switched systems, we would have to change every runway in the whole world all at once. It's not just a simple matter of re-painting the runways: publications have to be changed, notices have to be issued, etc. Changes would cascade out into literally every aspect of the aviation industry.
You can see just how much the magnetic variation changes around the world in this graphic: http://en.wikipedia.org/wiki/File:Earth_Magnetic_Field_Decli...
Anyway, it's not that much of a burden, because there is a very defined and safe process for updating airport and airspace data. When that type of change happens, udates are shipped over many channels that pilots should follow.
Oh, and you can't use any external power source.