Great questions all around! It *think* it would have to re-matrix l/r to m-s on a stereo buss as part of the insert/compressor, on the input side. (So maybe as an FX rack unit?) (And on that note, m-s eq would also be useful.)
I probably wouldn’t use it a lot, but I can think of at least a few scenarios m-s would be useful live: a) as a buss processor for bGV: make the mid bounce a bit to create a pocket of movement around a central lead vocalist. (Or really anything you want to create some stereo movement in by way of compression.) b) Mastering comp later on down the line. c) When I use m-s mics (Audience, for instance, it’s one of my favorite uses of M-s on the input side.) re: that last one, I kind of get away with using Ganging my 3 m-s channels for that right now, but a single compressor, with one interface for both fields would be significantly easier, and arguably more coherent.
I suppose under the current format one could always burn channels and make it happen the more complicated way: L+R = M, L-R = S, then matrix and compress using ganging. Lot of unnecessary routing to make that happen though.
<—all of these options are me thinking about doing this without going outside the console. Obviously I *could* also just burn an insert point, add a signal chain to my outboard DSP server (hosted on DANTE network,) and use something like Pro-C, or my UAD Fairchild. Be cooler if I could do it in the box though. 🙂