[memory-minus]

This is driving me nuts... I have a lot of compilations / various artist albums and I love how iTunes will group them by Album instead of having 2 billion Artists with one or 2 song entries each when browsing.

When I use my iPod though, I am suddenly having to browse through 2 billion artists because "Compilations" doesn't show up when I browse by Artist.

I can't find this setting on the iPod anywhere. Am I stupid or does this option just not exist?

[drive-thru]

The iPod won't show "Compilations" as an Artist, even though iTunes will.
The only way to do it simply would be to browse by Album, so that all your compilations are grouped as individual albums.

Unfortunately this groups all your single-artist albums and compilations in the same list, so you still don't have a list only of compilations. I guess the best way to create such a list is by making sure that all of the tracks in all your compilations have the Genre "Compilation" (or you can put some punctionation first, such as ".:. Compilation" so that it shows up at the top of the list and saves you scrolling down everytime.) Of course this means that those tracks are no longer listed by their actual genre.

[drive-thru]

...OR...

Unless you have classical music and/or actually use the Composers field, you could select all your tracks which are in Compilations and change their Composer to Compilations (or .:. Compilations for the top-of-the-list thingy).
Then to show your Compilations go to Browse>Composers>Compilations and you'll get a list of all your Compilation Albums.

You can get there pretty quickly because Composers is at the bottom of the browse list so just slam your scroll wheel round. Composers and Compilations even have common first four letters. It's like it was meant to be.