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@bq
Compressors basically both boost and limit - so they boost the gain, but prevent it going over a certain volume, so you don't clip or overdrive. It limits the dynamic range makes all your notes a similar volume, and is invaluable for bass players and certain styles of lead guitar.
I've only ever used a)Sonitus, Waves or Timeworks software modelling when recording,
b)Joe Meek MQ 1 when recording (this was great for vocals),
c)Line 6 Pod XT Live modelled effects for live playing and recording (usually modelling a Dunlop MXR Dynacomp), and
d) whatever is modelled by the Vox AD120VT amp when playing live.
I could not tell you which hardware is best. The pod's great but pricey.