When I was at Berklee, the head of the Music Production and Engineering was Eddie Kramer's (Jimi Hendrix's engineer, in case you didn't know) brother in law. Obviously, they got Eddie to come and do an artist in residence. While he was micing everything up, he was talking about the importance of mic placement, and a source which sounded like you wanted the final product to sound. He took his time with mic placement, and yet the first thing he did when he got behind the board was reach for the EQ and the compression.
There is absolutely no reason to record everything flat. I also do the vast majority of the compression I do while tracking. Compression was originally created as a way to keep the dynamic range of a signal within a useful range for the format being used, and this is still its primary use for most professional engineers. Most, (though not all by any stretch) of the "color" compression I do is during the mix, but dynamics control is almost always done during tracking.
I have always believed in making choices as I go. Being decisive saves time, money, and forces you to pay more attention to what you are doing. Get it right in the first place, and you don't have to worry a