Do we not need to bear in mind that compressors and limiters are just tools - you can do what you like with them!
Rather than saying 'save your limiting for your 2 bus' or 'compress at 3:1' wouldn't it be better to firstly think about what you want your material to sound like. Then you can start to think about how to get there and that comes down to understanding what your compressors and limiters are doing to your sound. I'm not just talking about understanding that once you go above -20dB at 2:1 with a hard knee every 2dB increase at the input corresponds to a 1dB increase at the output. I'm talking about realising how that change corresponds to the sounds you hear.
With limiting and compressing you've got two similar processes but they affect your sound in different ways. Actually, scratch that comment. They're the same. The reason they sound different is purely down to the different attack, release, threshold and ratio settings 'generally' used when compressing and limiting.
In general, limiters are set up so only the peaks exceed the limiters threshold setting. This means only a small portion of the signal is affected by the limiter. The majority of your signal therefore passes through untouched and the increase in gain is fairly transparent. If you lower the threshold too much though, the material begins to distort as more and more of the waveform is squared off.
With compression, the threshold is often set much lower eg. -20dB. This means the majority of the signal is being compressed so your material is affected much more and will probably sound 'thickened' or 'fatter' . Saying that there's nothing stopping you setting your compressor to just kick in on the peaks. On top of that, your choice of attack and release settings will also change how your compressed material sounds. Arrghh, so many variables!
But in short, neither is right or wrong, they're just different ways of changing how your material sounds. You want your vocal to sound fat and very loud? Increase the compression and limit heavily. You want it to sound natural but get some gain increase? Go easy on the compression and limit gently. Play around with it and you'll start to hear how these things change your sound.
) is plenty of 'safety net' isn't it? 
