I use it on Standard mostly. Multiband is good for slapping, tube adds a bit of warmth, but I've got other pedals for that.
It's a nice compressor - very transparent until you get to the higher compression settings. I wish it had a bit more control since I've got very nerdy recently about compressor attack and release times. But I doubt I'd hear the difference between the EBS and the MXR on a noisy gig.
Since nobody's said it yet, here are the obligatory Ovnilabs reviews: http://www.ovnilab.com/reviews/mxrbass.shtml http://www.ovnilab.com/reviews/multicomp.shtml
If you want it after an envelope filter to catch sudden bloops then you might need the MXR to act as a limiter.