The Earth’s magnetic field does a lot more than just tell us North from South. It also shields us from the damaging radiation from our sun. Without the magnetic field the sun could just rip apart the Ozone Layer and the magnetic fluctuations from radiation from the sun would cause power outages all over the globe.
The only thing that might come good from it would be that the auroras, normally only seen at the poles would be visible nearly anywhere on the planet.
Scientest Richard Holme, a professor at Liverpool University has been following the issue. There are signs of the strength of the magnetic field decreasing over the past 200 years. This decrease could be the precurser to a polar flip in which the magnetic poles switch.
There are many dangers related to a collapse of the magnetic field such as increased cosmic radiation, loss of control of satellites, even mass extinctions as animal migrations failed to occur or went the wrong direction.