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For compressors, hardware, but the gap is narrowing and I read in a recent article in Sound on Sound that you'd be surprised how little difference there is between say, a Waves C1 and a Universal Audio compressor (holy grail of hardware compressors).
Right now, hardware reverbs are much better than software ones, there is no question about that, but with Space Designer and convolution reverbs that'll change pretty soon.
Hardware processors are also expensive and less practical and readily accessible than their software counterparts.
Go software!
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