As someone who, when thinking about compressors, gets a big headache, I have to say that "simplicity" is something that would be a real big deal to me. I've had a few compressors over the years, both standalone and within multi-effects pedals, and the only way I've ever been able to use one satisfactorily is for acoustic guitar to even out the volume difference between fingerpicking and strumming with a pick.  Even then I find that I have to fart around with the stupid things in order to get what I want because I can't remember what job does what. Personally, I think I just have some kind of mental block that keeps me from remembering how the damn things work!
That being said, I have to agree with the statements about a "blend" control being pointless.  Just because I can't seem to operate a compressor correctly doesn't mean that I don't know what they're supposed to do. Being able to blend in the original sound with the compressed one seems counterproductive. Sounds to me like it's just a feature designed to help people like me, who are stupid with compressors, to remain that way!
Oh yeah, I forgot to mention that I am kind of enjoying this thread. Some pretty cool information here.