Depending on your situation and how you like to work, input compression in a 24 bit world is no longer a requirement. If you have an analog hardware compressor you like, then use it. There is ample headroom in 24 bit for anything you wish to record. Software compressors tend not to have exactly the same response and color of the hardware they are supposed to simulate, but they make up for that by being able to tweak the mix after everyone has gone home. There is also the option of running the signal through your hardware later too.
Where I record only one track at a time, I like to record them with no compression, EQ or effects but add them later at the mixing stage where I am better able to tweak. Input compression and limiting was a requirement in the tape and 16 bit days. With 24 bit you have much more breathing room. If you peak out, just lower your input gain.