Update: Last night I used a reference track for the first time. Used a song from one of my favorite bands, similar sound/style to what I'm composing. Ran the track dry to the master buss. Results?.........Holy crap!
For all newbies out there, this was an eye (and ear) opening experience to say the least. The main thing I noticed.....wait for it...............
low end! Shocker, huh? I guess I was so afraid of mud, that I've almost mixed all the low end out of my song. Noticed a major difference in the "beefy-ness" of electric guitars, and the low end growl of bass guitar below 100Hz. And of course, everything seemed much more "glued" together than my mix. On the good side, my master bus EQ curve was very similar to the commercial tune. So, seeing that, I think my biggest challenge now is processing and mixing my bass guitar tracks. It was very cool sweeping the EQ with a narrow Q all around the low end of the spectrum to hear the different characteristics. Very enlightening.
The reference track also gave me a greater understanding of my monitors and headphones which is invaluable! I understand that this was a professionally mastered song and all that, so I didn't get too bummed out. I think the low end is the main thing that us newbies struggle with the most. Processing bass guitar is proving to be the most difficult thing for me so far.
So, thanks for all the tips everyone. As noted, this was a very eye opening experience, and I strongly recommend all newbies doing this.
~Jeff