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Involvement Level: Expert (understands the inner workings)
Pros: Very small form factor. I2C interface so it doe not consume too many IO pins. The HMC5883 magnetometer is a pretty standard part in the microcontroller/robotic community. Libraries exist for arduino and netduino
Cons: math is required to use this magnetometer as a compass. Calculating headings requires some complex higher order math functions that may not exist on all platforms, forcing you to code those calculations at a much more intimate level, especially if your microcontroller does not support floating point math.
Other: Should be very useful for robotics, unmanned aerial vehicles or other implementations requiring the detections of orientation. Alternatively this module could be used in any application that calls for a highly sensitive 3d magnetometer.