Bit wrote a great paper on this subject here:
 
http://soundbytesmag.net/meldamdynamiceqpart1/
 
If you use both the MAutoDynamicEq vst and a multi-band compressor, does one have an advantage to you over the other?
In my work, I seem to lean toward the MautodynamicEQ far more than using the other. 
Just wondered what others say.
 
 
 

I prefer multi-band compressors for broad-spectrum leveling and widening effects on the master bus. MDynamicEQ (or MAutoDynamicEQ if I need the extra bands) for everything else.
 
As an aside, don't overlook the good ol' Sonitus Multiband if you need a basic bread 'n butter multi-band compressor. Use gentle knees and low ratios and slap it on the master bus in place of a bus compressor.

I have never seen a Multiband compressor that has a side chain input for the separate bands so this is where a dynamic EQ would be used instead of a multiband compressor.
 
 
Example:
My use for the Melda Dynamic EQ as sidechain EQ.
Let's say I have a tom-tom fill that plays while the bass guitar is sustaining a note. There will usually be some clashing of the lows of both instruments causing some unpleasant rumbling lows. The solution is to put Melda on the bass guitar track, set a band anywhere from 80 to 150 Hz, send the tom-toms to the sidechain input of the Melda. Set melda so every time the Toms play it lowers the volume in the 80-150 Hz range of the bass guitar signal. It cleans up the rumble and you don't notice the bass losing anything for the short time period while the toms play.
 
As Bit says, a multiband compressor makes a darn good buss or "glue" compressor. The Waves Linear Phase Multiband Compressor is my absolute favorite for this application.
  

Thanks Bit and Mike. 
Bit, based on your article, I actually was hoping you wound favor the MDEQ for the main bus. 
Mike makes a good point for instruments. 
I will check out the Sonitus as you suggested. 

bit, how does the Melda productions compare to the Ozone? (I have version 4 but I am considering upgrading to 7 Standard).
 

I just upgraded from Ozone 4 to 7 and it was a huge improvement! I've been going back and remastering some old stuff and have been very pleased with the results. It's a CPU-eater, to be sure (much more so than O4 was), so you'll want to save it for last and bump up your buffers.
 
Rimshot, I use MDynamicEQ mostly for mitigating problems on individual tracks and vocal busses, and only occasionally on the master. It's really good for when you've got difficult problems to solve, but hopefully that's never the case on the master bus. By the time I get to the master, I'm applying like 1, maybe 2 dB boost or reduction on perhaps 2 bands. For that kind of extremely gentle tweaking, it's more convenient to do it all in one place and just use Ozone's EQ.
 

Thanks Bit, good to know. 
It looks like $159 for Ozone 7 from MF today only may be a great deal. I seriously considering it!
 
Rimshot

mikedocy
 
 
As Bit says, a multiband compressor makes a darn good buss or "glue" compressor. The Waves Linear Phase Multiband Compressor is my absolute favorite for this application.
  

The Waves LinMB is magic when it's set up correctly.
 
Rocky

As a vocal spectrum ducker, Melda works pretty well, but don't forget that the quiet parts that need the most ducking may cause the least volume reduction because they are quiet. Therefore when side-chaining, you might want to use a very heavily compressed and noise gated version of the vocal bus to send to the side chain input.

You may even want the side chain input to be kinda upside down where the quiet parts of the vocal get louder due to release time than the attack.

bitflipper
 
As an aside, don't overlook the good ol' Sonitus Multiband if you need a basic bread 'n butter multi-band compressor. Use gentle knees and low ratios and slap it on the master bus in place of a bus compressor.

I too agree with this. And one better...at least to my ears as well as my personal use, the Cakewalk LP 64. I think this is one of the best plugs Cake makes as far as MB's go and I prefer it over the Waves MB's. Start with the "Mastering lighter" preset and mess around. As soon as you hear artifacts, frequencies too stripped out or any pumping, you're using too much. One of the things I liked about this one over the Sonitus, it's laid out a bit like my UAD Precision Multiband and is similar.....not quite as transparent, but definitely a plug that gets missed in Sonar that should be more recognized. Just don't overdo it and you'll be fine. :)
 
-Danny