High!
Here's a nice link to some articles on compression and limiting:
http://www.studiocovers.com/articles3.htm
High Tex!
I think you're completely right (though YOU know it): ANY compression/limiting will raise the sound-noise-ratio. That's an inevitable side-effect... I think you're right here also: when it comes to recording on 24bit machines, tracking compression should not be necessary. But on 16bitters, IMO, it is almost a must.
On my vs880 with 16bit converters, I often use slight compression (2:1) and a brickwall limiter when recording 'important' tracks (vox...) All those guys on the 'inferior' machines should not be afraid of compression and limiting while tracking. IMO it is more important to try a lot. Only then you'll know how to achieve a result with dynamics when you need it. I heard some songs from guys who always stated that compression artefacts are spoiling every sound so they don't use compression anymore. The songs were lacking ANY power! Why? Because these guys hear something that 'compression colours your sound' and that 'when properly recorded, you don't need EQ', so they don't use dynamics and EQ and their sound is shit. Perhaps they've tried once to EQ, and the sound was worse and so they state no compression, no EQ... I may not be that experienced as an audio engineer, but I am as control engineer, and IMO one basic property of any engineer should be experience in what input (i.e. compression setting) will lead to what result...
As long as the limiter limits for VERY short time (1-2 samples), you'll not hear it (I don't hear even longer periods on my voice, but I have a quite 'distorted' sounding voice...). But I'm not sure whether it is necessary anyway, as the VS converters seem to limit already in their digital distortion ( so you don't have a wrap-around effect that REALLY gives bad sound). But it makes me feel better, anyway, and the limit led is never lit, so why not use it, if I feel better when tracking...
Ciao
Axel