I guess I've been doing it that way for years, just without the extra bus - nowadays, there's a Mix knob on the bus compressor.
 
That said, I'm not a fan of master bus compression and rarely use it. It makes sense on a Green Day-type production, but as good as American Idiot is musically I can't stand to listen to that kind of uber-compression for very long.
 
Beyonce, I can't comment on. I turn the volume down and enjoy the skimpy costumes. She knocked it outa the park with her Etta James covers in the movie Cadillac Records, though.

I think the point is to use this technique and bring the fader up slowly. That way you can add just a bit or totally crush it. I think if you use it sparingly your Dynamics wouldn't suffer. Especially if your tracks are dynamic to begin with.

I tried and tried, slowly dialing in the parallel compr and even also a compressor that allows bypassing low freqs.
just never got it to groove with the uncompressed, either it was slowing the thing down or speeding it up but never got it right, just sounded bad....finally gave it up.

The key is setting a relatively high threshold. You only want the loudest bits to be heavily compressed, leaving the quieter parts alone. That's where you get the upward compression effect, by summing those quiet parts that aren't compressed with the same quiet parts in the main signal, making them louder.
 
It's still an overrated technique for many genres, though. It made more sense, for example, in the old Motown days when they were trying to cram every bit of loudness into the grooves of 45 RPM records. The fact that they were successful at that was one of the reasons for the company's amazing success (although having the likes of Smokey Robinson on staff didn't hurt, either).
 
But nowadays we at least have the option of retaining dynamic range if we want to. Global parallel compression does not help achieve "punch". Not every track requires punch, e.g. vocals. But drums certainly do. So for punchy genres we're better of being selective about which elements get the parallel compression treatment.

I suggest watching the video in the OP.  I think this thread has drifted off into something else a little. The title of the thread is also partially wrong because the whole mix is not being processed at all.
 
Firstly the whole mix is not being sent to the parallel compression buss.  Only part of of it. Everything minus the drums.  So that to me changes everything.  This is not the same as Dave's use of the mix knob on a compressor over the whole mix either.  It is actually something different.
 
Also the compressor being used on the parallel buss is actually going into a fair bit of gain reduction hence a lower threshold.  This is also different to Dave's suggestion of a high threshold over a whole mix. 
 
Because the drums are not actually activating the compressor as they would be all the time it means other stuff is and it is varying as he suggests in the video. 
 
This sounds like a good concept to me, the concept explained in the video.  Not just parallel compression over the entire mix. For those who are not getting results go back and do what he suggests. 

Jeff Evans
I suggest watching the video in the OP.  I think this thread has drifted off into something else a little. The title of the thread is also partially wrong because the whole mix is not being processed at all.
 
Firstly the whole mix is not being sent to the parallel compression buss.  Only part of of it. Everything minus the drums.  So that to me changes everything.  This is not the same as Dave's use of the mix knob on a compressor over the whole mix either.  It is actually something different.
 
Also the compressor being used on the parallel buss is actually going into a fair bit of gain reduction hence a lower threshold.  This is also different to Dave's suggestion of a high threshold over a whole mix. 
 
Because the drums are not actually activating the compressor as they would be all the time it means other stuff is and it is varying as he suggests in the video. 
 
This sounds like a good concept to me, the concept explained in the video.  Not just parallel compression over the entire mix. For those who are not getting results go back and do what he suggests. 

Corrected. Thanks.