compressor for classic guitar

[robjh22]

Recorded a song on the vf 80, an instrumental version of Michelle (Beatles). Just a little eq to reduce treble (overly bright trebles on this guitar) a touch of reverb, and I'm happy. I bounce. Still happy. Now I'm ready to master and am unhappy. All these compressor setting options come up. I can define "compressor," but I don't really know if, on balance, I wouldn't rather just set the compressor settings to zero. First, where's the big sin in omitting compression in home recoding, for pete's sake? I am sure I am missing something great, but I just don't like the sound.

Second, why are there 3 eq settings to fool with on mastering -- lo, med., & hi ,and only 2 at the recording stage.

Also don't really understand "pre" and "post" fader but don't want to wear out my welcome.

p.s. I started to post this on the mixing/mastering section, but those cats speak another language. Thanks, pals.

Rob
(aka Russian Snail)