I've not used it yet, but since Craig is recommending it, I will give it a try!

I must admit that I have misused the Console Emulator in the past. I thought, "If a little is good, more must be better!"
 
I cranked up the drive to about 3 o'clock and turned on the tolerance in all instances. Later, I noticed that my mixes had some unwanted distortion and muddiness. I put all the knobs back to 12 o'clock and switched off tolerance, and everything sounded great. (I probably need to take some time to experiment more with tolerance, but everything is good as-is.)
 
I mostly use the S-Type setting, but will sometimes switch to N-Type for guitars, bass or rock vocals. Not sure why, it just sounds good to me.  

More is definitely not better with the CE. There's a sweet spot, which is why Quick Grouping is so helpful - you can tweak all of them at once and find the sweet spot easily.
 
FWIW I don't use the CE on the Master bus, just the tracks.

I like all three.
 
As a very rough rule, I have found myself tending to us S Type on jazz/ Classical, N Type on Rock and A Type on Pop/Funk in the past.  Now I usually get an idea as to which will suit the project as the track develops.
 
I have recently experimented with mixing all three within a project.  I was interested to read (in the Cake Blog) that Luigie Gonzalez likes to use the A type for "kicks, bass and everything with low end character because it adds great sub harmonics",  the S Type for "snares, kicks and everything in between to achieve that pocket /punchy sound which warms up the top end frequencies without dulling the sound", and the N Type for "Vocals, synths, guitars and everything that needs to sound frontal or cut through mix."

JB, I kinda found this out just trying all three on different trks.

I also like the Tape emulator on rhythm guitar.

I think when the Soft Tube Saturation Knob came.out, a lot of people were using too much and the additive effect was not good for the whole mix. So I took some time to see what effect it had on different sounds in different amounts and I saw really easy what others were saying. A little goes a long way.

So I took the same approach with the CE and the Tape emulator. And I like the sound of both of these included plug ins.

Anderton
More is definitely not better with the CE. There's a sweet spot, which is why Quick Grouping is so helpful - you can tweak all of them at once and find the sweet spot easily.
 
FWIW I don't use the CE on the Master bus, just the tracks.

Interesting . . . never heard of this, is there a reason why you don't include console emulation on your Master bus ?
 . . . or just personal preference ? There is after all a "console emulator channel" as well as a "console emulator bus",
so I've always thought they were meant to go together.

Anderton
thank you, Quick Grouping!   and they were applied to all tracks at once - instead of the usual "trickling in over time" that happens for most of my songs - it was really quite something.it, I think it's worth re-visiting.

 
 
A thread/article about grouping techniques is required, emanate, topical, current, happy, enlightening, soon,.....
 

Noynekker, there is no written law that says you have to use the CE channel just on individual tracks and the CE channel buss on only busses. You can experiment around to find what you like. As stated, some guys like to put a CE at the top of the ProChannell where it hits the EQ and whatever module  and another CE at the bottom. There is a very well written article about the use of the CE on the Cakewalk Blog and a few good videos on YouTube as well. 

You can have two instances of a module in PC?

Grem
You can have two instances of a module in PC?

Yes! Except for:
 
Only one QuadCurve EQ
Only one of the "default" dynamics options (PC-4K S-Type Buss or PC76)