Firstly you need to understand that anything you're doing on the master is effecting the whole mix, so your mix needs to be as tight as it can possibly be before even hitting the master to really get the most out of any processing you're doing at this stage, otherwise it will just fall apart very quickly.
I think the most important thing to remember when using a limiter on the master is that it shouldn't actually be working too hard i.e. not pushed very much, this relates back to what I mentioned above as you're pushing the entire mix and even the very best mixes will start to fall apart if pushed really hard through a limiter on the master
So to battle this... compression / limiting is most effectively used in small amounts at different stages in the mixing / mastering process with the very last stage being the master channel, where it should probably be used the least I would say. (again see above)
So for example with a snare, you want a little bit of compression / limiting on the original sample itself, then a little bit on a drum bus, and then a little bit on the master.
This just makes each limiter's work a bit easier as you're spreading it across 3 different ones rather than caning it through just one which it isn't gonna be able to handle too well.
In terms of limiter settings on the master, I personally go for a soft knee (this might allow a bit of clipping but that's not the end of the world and gives you a little bit extra volume (just ask Icicle), then a fairly fast attack (a good tip here is to set your attack to as little as possible, then bring it up very slowly and listen to how your drum hits start to punch through a little bit more and more - but don't give it too much attack though as soon the hits will start hitting too loudly and clipping too much where the limiter isn't reacting fast enough), and then a fairly middle of the road release value - not too little that your drums make the mix pump (unless you want this effect), but not so much that the limiter is staying on for too long and taking that little bit of pumping "energy" away that you're trying to create
Hope this helps mate!