The 4.88 update will fix your compass problem.
You are correct. The 4.80 software update will fix the problem per Joe at Nielsen Kellerman. What is really crazy is that you can buy the Kestrel 4500NV with Applied Ballistics, but it has the old software version of 4.76. Then, you can upgrade it only if you have either the Bluetooth model or the PC interface kit, each costing $100 each.
So as far as I can tell, you can get the 4500NV with Applied Ballistics without Bluetooth for $589.00 and just do not count on using the compass feature or getting access to the Applied Ballistics Custom Curve Library. Sigh…
Does anyone know of any alternatives to Applied Ballistics? Someone who has extensive knowledge of real world performance out to 1500 yards? I am finding errors in my FDAC past 800 meters.