The Cobra 2 is a nice computer, albeit conservative. I had two of them. Just sold one and got a Cobra 3. I never cared much for the digital compass in the Cobra 2, and I use a Suunto SK7 on a retractor mount for navigation purposes and use the Cobra as a computer. The Cobra2 allows you to adjust the RGBM algorithm to be somewhat less conservative, but even then it is more conservative than computers in the Pelagic family (Oceanic, Aeris, Sherwood, etc).
There's nothing inherently wrong with a computer being conservative, except that it can limit your dive time, especially on multiple dives. A little extra safety margin can't hurt you.
The Cobra2 also allows you to change gasses (up to 3 mixes) during your dive. Not sure if that is a feature of value to you. (I've never used that feature).
The battery on the Cobra2 and Cobra3 are user-changeable. At one time - at least for the Cobra 2, Aqualung was offering 3 free battery kits when you purchased the computer. This is something to ask your dealer about whether it is still offered. You have to make sure your dealer registers the computer and requests the battery coupons.
All in all, it's a good, solid computer but I wouldnt buy it for the compass feature.
(now the Cobra 3 has a compass that is much easier to use under water - it allows about 45 degrees of tilt and still works and has a variable timer as to how long the compass display stays on).