Once upon a time I viewed compact chain sets (on paper that is) as the way to go but couldn't pluck up the courage to buy one as I read so many differing stories about how good / bad they were. After all why should I change, I have been riding for more years than I care to recall and was more than happy with my normal chainset (39/52) and a close ratio cassette (10sp 12/25)
On three of my bikes I have normal 39/52 chainsets and another bike fitted with a triple, std 30/39/52 chain rings. All the bikes have the same 10sp 12/25 cassette ratio. Its also fair to point out that I like a close ratio cassette and any more than three teeth jump upsets my cadence as I am more of a slogger than a spinner.
Anyway a couple of years ago Merlin were selling Ultegra compacts at a price that was to good not to miss, so I bought one. I have to say that it was love at first sight and I instantly felt at home with it, to the point that with a few weeks I had compacts fitted to all my bikes, apart from the bike that has the triple! Furthermore I maintained the same 12/25 cassette ratios, but its also fair to say that I am a fairly strong rider so spend most of the time on the 50 ring so the 34 is very rarely used. That said, I did also buy a 10sp 12/28 cassette which I utilize on Audax events, which is okay if you can handle the larger jumps in teeth towards the bottom end.
In truth, as I see it, then unless you are racing I cannot see any point what so ever in having a 11T sprocket, to me it just acts as a spacer for the amount of times that it is used. Much better to have say a 17T mid range that will be used most of the time, but each to their own I guess.
Would I recommend a compact chainset, yes I would certainly recommend it, but fully understand that it might not suit everyone.
As for my triple equipped bike, would I change that for a compact chainset.......no NEVER! No matter how you look at it and heavens knows trust me I have tried, you simply cannot get the really low ratios while maintaining a close ratio cassette. Another example, if I need to go lower when riding with panniers, using the same 12/25 cassette, I will swap the 30T inner ring for a 28T In fact since riding with the compacts on my other bikes, I have now replaced the 52T outer ring on the triple for a 50T as its a more useful and constructive ratio.
So in summary, different things suit different people as everyone requirements and personal abilities differ, I love the compact but would not be without the triple!