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What are your thoughts on compression?

I set the threshold on my comp so that I can play it much like one would play an envelope filter. When I want it to squish I can make it do so, when I want it to lay back-likewise. I'm frequently baffled by the blanket statements that are made about compressors. It's such a flexible tool. I don't always always use it but I think it's my favorite pedal. If I wasn't already married ... oh wait a minute, what am I saying?
 
my thoughts on compression:

it's a great tool to have, especially in the studio. i've never played with a compressor in a live environment and liked it (mind, i'm always using overdrives and fuzzes, and usually tube amps, so....). in the studio, though... it's invaluable. like everything, it has to be used correctly in order to really benefit the music.