A little less expensive is the FMR Audio RNC 1773. http://www.fmraudio.com/RNC1773.HTM
This stereo unit has ¼” inputs and outputs and has a pretty nice auto button (labeled “super nice”). While it has more control over your signal, that also means you may have to learn how to set it up properly. Its best feature is price: under $200. It’s an excellent compressor for the price, and many studios have them right next to $2000 compressors and say they love it. If you can’t afford a Compellor, get this one.
How to set up your compressor.
In general, set it up for 6-10 db of gain reduction under normal programming. There may be some loud parts that may go deeper into gain reduction. There may be some quiet segments that barely move the gain reduction needle. As long as on average you’re around 6-10 db of gain reduction, you should be doing more good than harm. If you have a Compellor, I’d run the process knob at 12 o’clock. Input will depend on how loud your signal is going into the Compellor. Try 3 o’clock as a good starting point. Try the output at 12 o’clock to start and adjust it as necessary. Engage the limiter.
On the RNC, adjust the ratio for 3:1 (11 o’clock). Set the attack at 12 noon, and try the release at 10 o’clock. Now adjust the threshold to the left until you get 6-10 db of gain reduction under normal program. Now adjust the output up to get the proper level into your computer.