Using exact diagonalizations, Green's function Monte Carlo simulations and high-order perturbation theory, we study the low-energy properties of the two-dimensional spin-1/2 compass model on the square lattice defined by the Hamiltonian H = − r (JxσWhen Jx = Jz, we show that, on clusters of dimension L × L, the low-energy spectrum consists of 2 L states which collapse onto each other exponentially fast with L, a conclusion that remains true arbitrarily close to Jx = Jz. At that point, we show that an even larger number of states collapse exponentially fast with L onto the ground state, and we present numerical evidence that this number is precisely 2 × 2 L . We also extend the symmetry analysis of the model to arbitrary spins and show that the two-fold degeneracy of all eigenstates remains true for arbitrary half-integer spins but does not apply to integer spins, in which cases eigenstates are generically non degenerate, a result confirmed by exact diagonalizations in the spin-1 case. Implications for Mott insulators and Josephson junction arrays are briefly discussed.