Everybody's going to jump on here and tell you to buy the RNC, instead - and they're right, to a great degree, it's a better sounding compressor. However, if you're new to compression and are looking for something easy to use - then the Bluemax is DEFINITELY the way to go. The presets are very useable, and in fact, even with a rack of other new & vintage comps I still end up reaching for the bluemax for the acoustic guitar settings. Very nice.
I dunno, people might disagree with me and I might get flamed for this, but... I think the thing sounds flat-out great. I'm happy to have one. And especially for somebody without much compressor experience, I think you could easily dial in a BAD sound with a better compressor than the bluemax - if you stick to the presets on
the bluemax, it's pretty tough to screw it up. No way in hell would I call this compressor a waste of money, I'd call it an extremely good deal for the cash.
http://www.bpmmusic.com had them for $129 including shipping, last time I checked!
Check the reviews at the presonus site, or elsewhere on the net. I don't think I've ever actually heard a bad thing said about it! Well, I probably will now, but, oh well...