I've recorded with compression, without, lowered my input signal, tried a limiter.....
In my humble opinion, the best method that works for me is a light compression going to disc to condition the signal. When I say light, I take out no more than -2 or -3 dB of gain using a 2:1 ratio. This stops the plosives and other nasties.
Because each singer is different, the threshold on the compressor as well as your mic distance and input signal are important. Depending on what type of effect you're going for (close mic or a bit of the room) will determine your levels on everything. There is never one setting. So for me, I set my compressors two ways....
1. Input level at -6 dB, compress lightly just to condition the signal. If you need to add a bit more compression or a higher ratio, go for it. As long as you don't pump, breathe or lose any intimate dynamics...if it sounds good, it is good.
2. Now that I'm running a Midas M-32 console here, I get to use quite a few cool compressors in real time that literally color the sound a little bit. Midas did a really nice job with their software...the Fairchild and LA2A are off the hook in a good way! I run these comps a little harder. Add them with the impressive mic pre's the Midas has, and you get that killer sound the big studio's get. It's mean, it's tight and it just sounds right....even though it's a destructive method.
See, that's one of the things people wanted to stop doing. In this day and age, we can process non-destructively after we record so the type of processingI mentioned in #2 is becoming less for some people. I happen to like it because I know how much is too much. Quite a few do not...and it can ruin a good recording take if you're not careful.
The main thing to remember here is to keep your dynamics realistic sounding. A nice compression along with proper mic proximity use and a good input signal go a long way. Though I'm not attempting to disagree with anyone that has posted in this thread, I personally feel a limiter has been too abrasive for a vocal track for me. If you have someone hitting the mic that hard, lower the input signal. You don't want anything to clamp down. A light "policing" is the best weapon IMHO with a compressor that works so well, you don't know it's working....but you can see it by the wave file image.
OR...
You use a good hardware compressor that colors the sound that becomes part of your sound. It's not a necessity, it's just another possibility for your color pallet.
-Danny