Just tried this on a vocal bus, using parallel compression with a high ratio . It did a fine job. Slightly less CPU-efficient than other fast compressors I have, but not enough to be a deal-breaker.
One confusing element of the UI is the knob labeled "Bypass". This is obviously a wet/dry mix knob, but it's unclear which direction increases the wet or the dry signal, and it's not spelled out in the documentation. It's just the "Bypass" label that makes it confusing. The leftmost position is actually "100% dry" and the fully-clockwise position is "100% wet" (not 100% bypassed, as you might infer from the label). So for New York-style compression, start with the knob fully counter-clockwise and slowly turn it clockwise to gradually mix in the compressed version.
A weird thing happened while I was testing: Comodo popped up a warning saying "A malicious item has been detected!" and naming this plugin. I'd read about this behavior before; it's apparently a false-positive that anti-virus utilities raise with SynthEdit plugins. SE-made VSTs install some modules at runtime (the one that raised this warning was the module for saving presets), which I guess is reasonably considered sus-picious behavior by antivirus software.