A full release should have a "mood" per se. Song order is part of that mood.
One song may end very loud. That ending may be the loudest passage on the whole CD! Comparing an ending with a start of the next song is not a good way of course to go about matching up levels if there is that kind of disparity going on. You would ruin the whole deal.
Maybe that loud ending SHOLDN'T be followed by a quiet ballad. Maybe it should. Certainly, neither way is unprecendented on a release.
I usually go to the loudest part of each song and compare levels there. That is about the only fair way to do it.
I have noticed that these days, rock productions go for most every song being as loud as possible all the time. Why people like that I will never know, but I certainly don't try to emulate it when I master a project. I have heard many great albums that had volume differences from song to song.
While I try to get the loudest passages of each song to match, I will make exceptions. If a ballad just doesn't sound good loud, I could care less how loud everything else on the CD is. I will keep that ballad quiet. I try to do what is best for each song first, then consider the whole project.
I have seen mastering done where each song was maximized to it's fullest (not over maximized, just taken to the point where making it any louder was detrimental), then all the average levels were matched by turning down the louder tracks. This is a valid approach.
The whole thing starts getting hard when you start trying to compare your master to stuff that was made REALLY LOUD. Then you will start trying to make everything loud too. If you don't play that game, you won't play it eh?
Another approach is to just make the whole thing flow well. I can assure you that when you listen from beginning to end that you will not say to yourself "Gee, the loudest part of this song isn't as loud as the loudest part of 2 songs ago". If the volume of endings and starts of songs NEEDS to sound smooth and cohesive, you will probably have to make other sacrifices.
Again, I have heard CD's that had a wide range of dynamics from song to song, and those dynamics were left in place. THERE IS NOTHING WRONG WITH DOING THIS AT ALL!!!! Just make sure that the CD flows well. It can be hard if you are doing your mastering yourself to be subjective to how the CD flows. You have a tendency to think about many other things, and start sweating crap like "Is this loud enough compared to other new products" that will screw it all up if you fall into that trap. Listen as objectively as you can. Listen as a listener, NOT as the producer/engineer/songwriter/performer. If you need to make some overall adjustments from song to song in regards to how loud it is based upon how it flows, well, use the master output of the editor to do so. Always save your plugin settings after mastering a song so that you can go right back to it and make an adjustment later if need be.
Good luck.
Ed