Punch at the expense of dynamics. For dance music, probably OK .. for those that listen, music sounds more AMish than FMish and occasionally will pump.
I guess for the right audience and the right reasons there is no harm.
I've worked as an engineer and as a musician in recording studio sessions. I'm well aware of problems with tracks that lose their dynamics; usually at the hands of a mastering engineer who thinks their sole purpose is to make it as loud as possible. It's entirely annoying and I can understand why you, and others here think that a compressor is going to ruin their sound. If used correctly, and when using a high-quality unit, it does not do anything more than enhance your system's performance. All I'm looking to do is tame the transients and peaks on the program material. Those transients are what end up burning out our system components prematurely and frankly, I hate having to monitor the limit lights on my cabinets.