I believe the answer is yes. If you have the Geo-Logging turned on you can see a google map where and what direction you were facing when the picture was taken. it drains the battery when you have the GPS on so i don't really use it. i forgot to mention to use google maps you need to use a free program called GeoSetter.
Yes the e-Compass bearing can get embedded in the geotagging header. Although you can turn it on or off in case you don't want to use it. Or turn it off if you don't want further drain on your battery.