Hi fellow Gadgeteers.
After @ taylorza alerted me this this article in another post:
The weekend I used that article and got the tilt compensated compass working using Gadgeteer modules. As a side note, I also managed to share the same socket (1) of my Cerberus board between the compass and the accelerometer modules using some breakout boards. This has the advantage of saving one socket on my already pretty busy Cerberes board.
If other people think this information could be useful to them, then I will make sample project and share the info on Community Codeshare here on the GHI website. It would be my first codeshare submission here so I still have to figure out how to do all of that.