There's no one right answer to this, but I'll give you what i would do if i was in your position:

First of all, you didn't mention your price point, what kind of equipment you already have, what types of music (and how many musicians at one time) you are recording, etc. Second of all,while you are implying your primary need is compression, are your secondary needs mic preamps, EQ's, gates, reverbs, delays, or what?

So here is an answer based on very little information:

If you are on a budget, the overwhelming consensus is that the RNC (for less than $200) is a compressor worth far more than it's actual price. Start with a couple of those, and then determine what else is most lacking in your arsenal. Meanwhile you can still useplug-insfor EQ and reverbs, delays and such.

There are some very nice "all-in-one" channel strip type units. If you go in this direction, I would avoid most of the budget units though. To be really happy, you'll probably be looking at much higher priced solutions like the Millennia Media Origin. But now we are talking big chunks of change. If you tend to record only one or two tracks at a time, they might be feasible - but my gut feeling would be to go for hardware with a discrete function - it's easier to slowly build a quality collection one piece at a time that way. Get the best of what you need that you can afford - chances are you'll keep it longer (or even forever!) One super piece of gear will be worth far more to you in the long run than a half-dozen pieces of crap. But, obviously, sometimes you need to buy some crap just to get up and running.

If I had to put a priority as to how to spend money, assuming you already have a DAW and software:

1) Mic's
2) Preamps
3) Monitors
4) Room acoustics
5) Compressors
6) Reverbs and FX
7) Mixers and Headphones
8) Cables
9) Headphone amps and mic stands

The order is somewhat arbitrary (seeing as you really need all of them), and certainly to be viewed only as a rough guide. Any of the above might vault to #1 in a specific scenario... the main idea is keep hitting the weakest link when spending money.

Good luck!

I agree. Start with an RNC comp. Work with it for awhile before getting excited about other gear. From there, determine your next step. Take your time to train your ears.