The compass works just like the F key as a workaround - at least it centers the selected object and rotates around the center, but I still haven't been able to get the camera to tumble around the actual selected /cursor object.
Tumble settings I now have set to 'Tumble Pivot' which allows my workaround so far. Seems kindof backwards honestly - as soon as I switch to 'Center of Interest' or check the 'Tumble on object' box the camera goes back to pivoting on it's own center.
I know it all worked before I had to reinstall so I know it's possible, just not sure what's causing it. I remember having to play with it the first time too to get it to work right...which again seems anti-workflow for a default setting.