How bad is Ableton's limiter?

[dangayle]

It seems to me that out of all the built in Ableton Live devices, the Limiter gets a lot of criticism.

My thoughts on it are this:

1. To be perfectly honest, I can barely hear the difference between any limiters unless I'm really pushing it into distortion.
2. It's fine on individual tracks if you're using it for sound design purposes. If if is coloring your sound and you like the sound, then who cares.
3. It's 100% legitimate to use it as safety limiter on the master when producing. 
4. If you're bouncing your demo to soundcloud, it's perfectly fine. If your track is going to be mastered professionally, you shouldn't have a limiter on the master when you bounce your pre-masters anyway.

What do you think about it? How/when would you use it? Does it get a bad rap?

[Obsolete462444]

I would not put it on the final bus for mastering, but it's fine on channels for light gain reduction duties.

[jonljacobi]

If you can make it sound good, it’s fine. Same with every effect in every program.