Isn't it costy CPU-wise? I mean you have to update or interpolate your filter coefficients, while if you've splitted the bands it's easier to apply a smooth envelope.Its quite a simple concept really: a 3-band comp can be implemented with 2 dynamic shelving filters plus a gain stage.
The reason I wouldn't use them myself is also that I want to do other processing on bands, like saturation to start with.
