I use the 1176 PC module on at least one out of three tracks. Usually on percussive stuff and bass guitar or staccato strings where a fast attack is helpful. I almost always use it over the Softube FET or IK Black76 both of which are fantastic compressors IMHO.  

My take on a compressor and limiter.
 
A limiter does just that, limits the maximum level to whatever it is set at.  e.g. if the limiter is set for -4 then anything over -4 will be "limited" to -4 but anything less than -4 will be at whatever level it is - no processing since its -4 or below.
 
A compressor tends to bring all of the signal to a preset level.  Low levels are amplified and high levels over the preset limit are brought back down (compressed) to the preset limit.
 
Jack

For, the sake of discussion, the limiter described above would have an attack time of 0.0000ms (or maybe look ahead), a ratio of infinity:1, and a extremely hard knee.

I think it is more helpful to be aware of the settings rather than the naming conventions. That way, you can imagine a comparison regardless of what some one chooses to name the process.

Silly question: If you set a limiter to say 20:1 and then add gain is it now a compressor or limiter?

This is why I think we should just call all these things "dynamics processors." 

Anderton
What I use most of the time:
 
For guitar, the Sonitus compressor set up more like a sustainer

Got a preset/image to share?

To give the compressor more sustain, lengthen the release time.

jm24

Anderton
What I use most of the time:
 
For guitar, the Sonitus compressor set up more like a sustainer

Got a preset/image to share?

To use a compressor to make a guitar sustain..
 
Slow attack.
low threshold
"high" ratio
high makeup gain
 
adjust to taste

All this terminology and no one has even mentioned "brick wall" yet..... Oh doh!

I tried throwing my 1176 at a brick wall but I couldn't remove it from the PC...
 
 
There.  How's that?