Made this a while back for my own uses. With the recent UI changes I had to revamp part of it. Decided since I fixed it for the Jan'04 patch I'd post this one up.
When you target something, this ring shows you the cardinal directions and which way to run to get to them.
In the example picture shown, if there is an emote call to MOVE EAST....
The E--> Tells me to turn and move that direction to be moving East to follow the emote. Saves me a few half seconds looking for the compass to make sure I'm going the right way.