| A lot depends on the effects you're using and how many. Certain tone shaping effects tend to work better before the preamp - wah, filters, dirstortion. Wheras time based processors tend to work well after the pre-amp, such as chorus/flange/phaser, reverb, delays etc. Compression is one of those ones that can work equally as well in either spot.
However, if you're just using one or maybe two effects, you may well find that they work well in either are, especially if you're a set it and forget it guy with the preamp like me. I've recently taken to putting my compressor in the fx loop instead of front end. Works a treat.
As always though, YMMV.
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