I don't know quite what I think about this, mainly because I don't own a compressor that even bypassed would not damage my sound in a big way, but I thought I might share one current anecdote.
I have a Jason Mraz live CD that seems to be completely uncompressed or limited ... I had it on fairly loud in the car but yesterday evening I came to a sudden burst of energy, a transient for which my car stereo was not prepared ... and now I am down a speaker in my car.
I guess the 'live' feel of the CD is enhanced by the unpredictable volume levels, but on a more 'processed' or 'packaged' production this might be undesirable, even unsafe, for the listener.
Just my thoughts.