I am kinda with Bit on this one... kinda<G>.
I love the sound of a wide dynamic range - it is not always practical, but when it is...
Out of habit more than anything else I will use a limiter on the final stereo mix, but not on the 2-mix itself, unless I am aiming for that SSL sound. I usually apply some limiting in Wavelab or Sound Forge when I am polishing the final stereo wave file of the mix. I suppose I would end up with approximately the same result if I applied it to the 2-mix, but that is not a habit I have to break<G>!
I use compression as an effect more than anything else when I am working with sample libraries. I use it more for it's intended purpose on live tracks, especially electric bass and fingerstyle guitar, and sometimes on vocals. But I've learned to use it after the fact, non-destructively, and just manage levels coming in.
So that's my take - dynamics processing is not as necessary to overcome shortcomings of FM exciters, magnetic tape or vinyl anymore. But it remains a very useful effect!