We decided for the channel compressor that we wanted something in the middle of the G comp and the LMC. Our own console dynamics are incredible versatile, so we could vary the characteristic quite drastically. We settled on a characteristic that allows transients to pop through occasionally, so it won't crush your drums / vocals, but was quick enough to tame most sources and tighten them up. The only source the channel compressor is not ideal for is long sustained low end (so pads, lower octave strings, bass guitars etc).
We suggest as an alternative in this instance is that the channel compressor is reserved for most other sources, and that you track bass through the bus compressor.