You'll get 50 different responses to this one Matt as it's very subjective really. I'll give you my take for what it's worth.
To answer your question, for most things, no I do not do it. In my experience as well as what I've been taught and learned over the years on my own, a compressor on the 2-bus before you mix is used for coloration as well as gluing the mix together.
The problem with this technique is, you will NOT see the same results using a digital plugin compressor like you would if you ran a hardware compressor in the chain. What happens is this...
When you add a hardware compressor to your master out from the start, it colors the mix. Therefore, you would use different eq settings in the mix due to this coloration. Without the coloration, these eq settings wouldn't sound good. So you are using the compressor to color more than to actually compress because you'd not want to use a lot here. The settings Bats gave are perfect for this technique in my opinion. You never want to over-do it. But that said, in my experience, unless a compressor can color the sound, you're really not changing much by way of eq if it's just a plug compressor on the channel, understand?
Now, when I DO do this, I use a UAD Fatso Jr. on my master bus because it is a coloration compressor. It literally chages the tone of the mix just by having it on the master bus. And, it's a change for the better for SOME songs as that extra coloration allows me to tweak up a mix that I'd not be able to get without it. The cool thing about the Fatso is you can darken the tone of the over-all mix or brighten it up a little bit. I like to use the Bus Glue preset they have as I feel it is an excellent starting point. I don't adjust the coloration controls on it because I like what it does there, but I will mess with the compression amount at all times.
So keep some of this stuff in mind when using this technique. It's important to understand why and where it came from. Guys today are using it to compress the entire mix to make things louder. They aren't using it like the old well-known engineers used to to it. They used glue with coloration. Guys today use cement with 0 coloration other than the loss of dynamics.
-Danny