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I almost always place the TD before the compressor. This way I can shape the envelope, attack, release, decay, etc of the instrument (i.e. snare, kick, toms, etc). After which, I can then compress accordingly.
The idea being that you can arrive at the 'sound' you want with, say a snare, then manipulate it further to work within the context of the mix.
The TD tends to add a bit more enhancement features that can't be derived form a compressor. You can really tailor the instrument to your liking before hammering it with compression.
Sometimes you get a snare that has a great euphonic sound, yet lacks the smack, pop and overall girth that you need for the mix. This is where the TD really shines.
FWIW, I'm using the Waves TransX plug-in to handle the "transient designer" duties. Totally indispensable for me.
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