You're only lost if you have a destination..
We've just completed 3 years through North, Central & South America with paper maps & a bar mounted compass.
Admittedly you can't have anorak discussions about how big you're RAM or LCD is but you also don't worry too much about losing your $5 map!
I think the main times where one would have paid off are trying to get through major cities or on unmarked dirt trails in salt flats or deserts.
If you want to 'loose plan' a trip mainly on tarmac roads through rural areas then it aint really a problem, there's usually only one road in your direction anyway.
If you're trying to break some Guiness Book record or want to disappear into the Atacama desert then getting lost may be relevant, you are always somewhere & the unexpected ends to the day's travel can be the most memorable.
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