The only thing that I use compression on normally is vocals. I find that with a dynamic vocalist, it helps to keep levels a little hotter.
Every once in a while, maybe on guitar or bass. Usually these levels stay pretty consistent, so I use a compressor to achieve a different tone or quality, but as I said early, I do this very rarely.
I don't record drums, so I have no experience.
The prevailing wisdom seems to be to NOT record through the compressor. Once recorded, you are stuck with what you have. There are many good to great compressor plugins out there- FaSoft ($20.00) for cheap or free. Use these afterwards, if necessary.
I prefer to not add color to my recordings, at least not from the compressor anyway.
YMMV
Regards-
Woodshedder