I bought one recently and I like it a lot. Due to an abundance of both ignorance and impatience, I got the acoustic version. Didn't know there was a difference.

Where the compressor knob is, I've got a knob labeled 'smooth'. It does seem to limit just a bit-takes the edge off. Compression on DB seems pointless unless maybe you're slapping it.
BTW, I considered taking it back and getting the bass unit, but this thing really sounds good. The bass center is at 60hz, instead of 30hz on the bass unit and the midrange is adjustable from 250 all the way to 5k.
The 'depth' knob is 'notch' on mine and the manual explains it similarly. Adjusting 'notch' seems to roll off the lower frequencies.
I'm keeping this thing.