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Compression and limiting, though both dynamics processing, are distinctly different. Using one does not negate the other. Even at today's unfortunate levels with, ahem, generous amounts of clipping... I mean limiting, you can still hear the difference between compresssed and non-compressed. Sometimes the compressor really adds something, both in its tone and color, and in the way it affects dynamics, and sometimes it really saps the life out, regardless of the limiter coming after it.
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