Well, phones do have magnetometer, but I doubt it has high enough sample rate and resolution to be of any use. They are 25 sampels er second I guess to match the screen refresh while being cheap (don't quote me on this)
This app looks like a toy... One of the 'Swiss knife' type app was way better, with graph plotter and much more ... Plus it was free (had it not been, it wouldn't have mattered since Google gives you rewards for surveys)