Sorry, I should have specified "last" picture--the one that is just a flat-topped file which corresponds to 0/0ms attack and release.
Since, as per the explanation I got, a hardware compressor IS only reacting when levels get to the threshold level, at very least the first or last half cycle will have to exceed threshold to turn on the compression--then add the extra time to "throw the switch" and calculate the new level with regard to the ratio setting and there's always a spike or dip in hardware compressors.
However, also mentioned in that explanation I got, software compression in a DAW has the facility to "look ahead", find the level changes, then switch them in accurate to the sample. I got a similar result to an experiment in Audition--except that simply going to 0ms attack and release, there were still minor peaks and dips. However, going to 0ms and a small amount of look ahead, I got the same "flat top".
....which, it occurs to me, may bring us full circle. The addition of "look ahead" would, in effect, result in something pretty similar to a compressor reacting to "downward changes". It's not trully the downward change that's being reacted to--but, like a stage psychic, the ability to know where the threshold crossing is going to be a few samples early lets the compressor appear to be more clever than it is!