The main screen on Geode Info lists the current lattitude/longitude, GPS Time and date, current speed, etc.  The speed is in km/h and there isn't currently a way to change this to miles/hr.  The Status is important as it shows the type of GPS connection.  Here are some of the status messages and what they mean:
 

Tap the Compass button to bring up a full screen compass.  The entire dial rotates with a pointer towards North.  I would have rather had the pointer going straight up with the directional dial rotating around it.  This would indicate in a more intuitive way the direction you were facing.  It would also be nice if your current heading were displayed in degrees.

The only applicable option here is to calibrate the compass by selecting Options | Setup.  This brings up a Compass Setup screen that has you turn slowly around in circles to calibrate the compass.  This is also one of the initial procedures that the Geode has you do when you first insert the module.  The Compass Setup screen doesn't have a Cancel option, so if you select it accidentally, the only way to cancel is to press one of the hardware buttons (Datebook, AddressBook, etc).