I bought this pedal after watching various demos comparing it with the similarly priced MXR compression pedal. I decided to go with the Boss CS-3 after watching numerous demos, having previously intended to buy the MXR pedals. I preferred the sound of the Boss pedal in the demos I watched, and I liked the the Boss pedal has 4 controls, as opposed to MXR's 2 controls. The Boss pedals has controls for Level, Tone, Attack, Sustain, whereas the MXR pedal only has 'sensitivity' (ie. sustain) and Level. I find the Attack control especially handy as it allows me to add sustain to my sound without 'squashing' my initial pick attack (I prefer a more 'squashed' sound for rhythm stuff, but not for lead).
I bought this pedal in order to give me a bit more Les Paul sounds from my Strat when playing Clapton and Peter Green stuff, and am frankly amazed at how well it works. I am particularly surprised at how silent the operation of the pedal is, compared with modelled compression effects I've used (eg. on JamVox).
This is my favourite pedal and has surpassed all my expectations of it. It allows great tonal shaping and the sustain sounds very natural (unlike the modelled version I've used where it just sounds like someone is turning a volume knob to swell your sustain). I highly recommend this pedal, and would be curious to see how Keeley has improved upon it enough to justify a pricetag more than double the relatively palatable price of the Boss pedal.