i use it for dithering ,
when i save my 24bit 48khz mix down to cdformat,
i put the treshold at-0.3db
thats it, sometimes i push the treshold a bit but only untill i see a big of gain reduction, i find that pushing music trough this limiter reduced the overal punch of my mix, makes it flat (thats what a limiter does of course),
but some people just want it loud loud loud so i like it
but i dont use the multiband stuff, or sometimes i boost the highs a bit,
but i think u have to do this in the mix, if all your channels sound good,
then all u need is a compressor and eq on your master, and a limiter,
but not multiband, (only my opinion !)
i have another limiter that i use: "pocket limiter", super simple tiny plugin,
works just great ! and it looks nice too
when i had crappy equipment i was abusing software so much cause i needed to polish turds,
now im working hard on recording it all clean, then i dont have to use ten but only three plugins