I've had mine for a few years now. I use it for a hint of compression, just to tighten up my tone a tad. It's a very transparent compressor. It works wonders on my P bass tone. There are pedals out there with lots more controls and they all have their selling points, but this one only has comp, volume and a 0/-15dB switch. For subtle yet effective old school kind of compression it's the business.
If your going to buy one don't get the newer brown label 'moustache' version, it's not that good. The one you want is the earlier yellow label version. They usually go for about £60 second hand here on BC. From what you're saying you want from a compressor an Opto Stomp should do the job for you.
If you want to read lots of good compressor reviews, including the Opto Stomp, check out www.ovnilab.com. And keep your eyes open in the classifieds.