Lane,
The compressor is only level adjustable; the manual doesn't go into details so I'd assume what would make sense: soft-knee autocompression.
Inserts are individual channel output/input pairs (usually on one TRS jack)---like a pre-EQ aux send/return for each, individual channel. They are almost always pre-EQ, pre-effects (i.e., processed by the mic preamp and pad---leveled but "dry").
Direct outs are individual channel outputs (only)---like a post-Eq aux send for each, individual channel. They are, by design and desire, post-EQ (i.e., processed by the mic preamp, pad, EQ and fader).
A pre aux send has the same effect as a mixing (beld and level) the insert signals.
A post aux send has the same effect as a mixing (beld and level) "direct out" signals.
You might want to go to the Behringer or Mackie homepages and simply download some manuals to get some insight about the features/uses available. The Mackie manuals are usually good for additional info on mixing.
Grahamware gave you a good tip. A small, good mixer can be a musician's "Swiss Army Knife." I can also speak for
the UB802 mixer. It replaces
the MX602A (which is still available) but the UB currently sells for about $20 US less! Go figure! The UB has essentially the same features as the MX but the mic preamps have less noise and added headroom (both of which were great specs to begin with). I recently bought two of these and installed them (by piano hinge, plate and velco) as a "swing-out" panel to the inside-side of two of my open-back guitar amps. Why? Here comes the Swiss-army-knife again: besides allowing me to run my guitar series or parallel with effects or a modeling pedal, it allows me to set up an acoustic side chain for my Variax or plug in additional acoustic instruments into my amp. I love SWR acoustic amps, but don't think that you can't get a great acoustic-guitar-amp sound from an electric guitar amp! You can by adding a mixer to the aux/line inputs on the back panel---and without that piezo-horn hiss, transportation of two amps, or paying an arm-and-a-leg for a Rivera. A mixer also does wonders for interfacing modeling pedals (POD, V_AMP, GNX) with guitar amps. Swiss Army Knife. You may not even need that direct box if you go through the mixer first. I have a Deering D6 (banjo) with a factory-installed Fishman---no EQ or level controls. No problem getting great amplification through the UB, at one third the cost of the Fishman preamp---and I'd probably end up plugging that preamp into some sort of mixer along the line anyway!.
The downside to the smaller Behringers: (1) No Lo-Z output, (2) wall-wart power supply, (3) No -10/+4 dB matching switch.
Solve (1), if necessary, for ~$20 US with a Behringer DI D120.
No solution for (2).
Solve (3) by simply using the -10dB "Tape Out" instead of the main outputs.
If you do get a DI box (another "army-knife" device), I would definitely recommend that it's a ACTIVE one. They all come in a variety of flavors and features and they don't have to be expensive. Check out Behringer 's website for some inexpensive and versatile DI solutions. They even have a tube pre-amp/limiter/DI for ~$40 US.
Something else that you might want to check out for your acoustic is an Aphex Acoustic Exciter. It's reviewed in the July issue of Guitar Player and I think the review might even be available on-line. It has DI with ground lift.
Anyway, more info and opinions. I hope this, along with the other posts, is helping you with your decision.
Download some manuals.
Good Luck,
Paj
8^)