it's a fairly simple tool so it's all the more stupenduously amazing how people manage to mis- and overuse it.
Its very useful for catching stray peaks from uneven signals (like pops in vocals) or just flattening too sharp transients (like an overly aggressive snappy snare). There's not much being creative in dynamic processing (compression, gating, limiting etc), it's more like math or science, less like art. Something can be quite nice and effect-like tho, like heavily compressing a delay line and make that into an fx or pad or whatever.
Whatever you do, DONT USE IT ON EVERY CHANNEL just to make everything "sit still, nice and organized". Music is still more about creativity and - well, music, than getting your mixes loud and lifeless.
---------- Post added at 21:14 ---------- Previous post was at 21:11 ----------
btw i have to say i just had some great results in a tune by limiting the drum buss instead of compressing it. They're basically the same thing, but limiters usually have less time constrain adjustability and a fixed high ratio.
I made my kick and snare deliberately over loud, so when the limiter catches those they will slice through like mad but not over loud. This method needs careful adjustments of the release parameter.