Let me first say that after multiple listening tests, including other people's shootouts who posted (such as on gearslutz) I stand by my first impressions that I posted here a few weeks ago. I see the X2 console emu more like a digital saturator than an analog console. Please check out my other posts for my explanation. Having said all that, I have also stated that I think they can still be useful as effects rather than as a necessary workflow element to convening the mix or acting as a subtle enhancing glue like a console. But still, to use it as such here's a "real-world" working scenario:
engage the console channel for each track FIRST. Then from there use your EQ's, compressors just like you would on a console emulating insert points. As per the signal flow, these track signals will then be hitting buses. At the buses, insert console bus as FIRST in the chain. Then again, do any bus EQ'ing or compression or whatever. As this is routed to a main bus, you can once again have a console bus open there FIRST in the chain if you like.
The important thing to remember, which is most often ignored or overlooked, is the gain staging. These meters indicate a dBFS scale which means our "0" will be hovering somewhere below the digital 0 indicated on the scale. I believe it is around -18 dbFS. I don't like to VU or RMS or average meters, I think they are not that useful for gain staging. Using a good peak meter you can set your signals with the aim of -18 but the peaks ultimately dictate how much to push it and your ears MOST IMPORTANTLY will tell you if you are set okay.
Again, see I feel these to be more like saturators I didn't find I had good results using them like a console. But I like using these emu's to enhance a signal within an FX chain flow. But try it both ways for yourselves. See what works for you.