When multi tracking the use of compression "maybe" a tool that is used for drums, bass, a vocalist that doesn't know how to use a vocal mic and other such situations. Yes, many engineers use compression, reverb, echo, exciters, maximizers, ect. and it often, IMO, effects the music in a negative way. However, I don't.
I do a live music radio broadcast every Saturday, for "Crossing Borders", which can be streamed via the internet from 8:00pm to 10:00pm. The shows has had a wide variety of artists, locally, nationally and golble, from solo's to chiors to larger 8 piece bands. I never use compression even on the drums and have found that with proper mic'ing tech. compression can be avoided. I do a 96/24 multi channel/two track recording and we run a back up 48/24 muti-track/channel, which gets mixed after the show. The person that mixes the multitrack down adds what he thinks is necessary to get the sound he likes. When I compare the muti-track to my hi-rez two tracks I most often prefer my two tracks due to what every effect takes away from the recording.
Now, I have been guilty of adding some reverb to over dry recordings but usually it is avoidable with a properly placed ambient mic mix.
For 2 channels it is very difficult to add any effects without messing up other aspects of the recording. Also, the poster didn't say the recording sucked, just that it had a wide dynamic range, which should pay off on a high rez playback system, which is why I recommended staying away from compression for his recording, but hey, it is his recording and if he wants to play it backwards or inside out so be it.
To summarize, affects work better with multitracked than with 2 channel recordings. When you add an affect to a two track recording it walks all over other varables that oftne don't require it, thus often negatively affecting the overall recording. IMO.
BTW, If you are near your computer the New Years Eve stream Crossing Borders to hear the Bulgarian Wedding BeBop Band featuring Ivo Papasov. This is very dynamic stuff with no compression or EQ'ing. I'll leave it to your ears whether you think the recording is any good. But I feel you would be impressed.