If a person was holding that icon they would be facing Northwest (assuming "front" is at the top of the icon).
Seems a bit counterintuitive for a logo, but I'm obviously the one that's wrong, here. Sorry!
However, if you were to change the needle, then it would be wrong. So, I'm not sure that there is a way out of this. Without just dropping the compass.
Sadly, I my harddrive crashes completely a while back and all files on my side have been lost. However, Roger Wang still has a PSD, and I e-mailed him if he could send it to me again. He said he still had it and would e-mail it back, but he probably forgot. I'll contact him again. So I can at least properly export the icon, and make it available as a download.
Any suggestions or feedback is always appreciated!