I understand the order of the plugins for ProChannel is top to bottom.
 
Personally, I put the console emulator first (at the top), followed by EQ, then compression, but all the presets and the videos show the console emulator last.
 
I've never worked on a super-pro studio console, but I would assume that instruments go into the console first, then are sent around to the various outboard equipment, then back into the console for sub-bussing etc.
 
This seems to imply that all the presets are incorrect.
 
I know the console emulation is subtle, so perhaps it's position won't make that much difference, but I wonder why Cakewalk decided to do it this way?

I use the console emulation last.  It's a pretty subtle effect, and the earlier in the chain something goes, it gets muddied and disappears.
If you use it first, I don't think the compression would do much but the EQ would then hide some of the "taste" from the CE.  You might as well not use it at all, at that point.
 
 

One can use any effect where it sounds best.  But the Console Emulation mimics the effect of all the circuitry in a console on the sound - when it comes out.  Logically, the end of the PC chain is where it should go, after all the effects (as well as being placed by Cake there in their standard PC chain).
 
Personally, I don't use it much, but try to capture all the saturation I need through hardware going in.  So most of the time when I use it CE just muddies the sound field. But it works well if the original sound isn't already rounded.