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Well if you list some specific devices, I'm sure some of us can tell you what they do.
The SSL SuperAnalogue you mentioned is a hardware channel strip. A channel strip is basically an EQ, Compressor, and Gate all in one unit, although different manufacturers may put different things in it. Generally all channels strips will include at the very least an EQ and a compressor and some will include a gate and/or limiter as well.
The idea in audio production for a chanel strip is basically the same as the way you would use a software EQ/Compressor. Things like this are generally aimed at more of the high end live recording market. Electronic musicians can get away with using software for things like this, although you'd definitely notice a difference if you ran a hardware synth through it versus just recording it straight into your audio interface.
This thing with stuff like this is that you start getting into needing other fairly high end components to realize the full benefits and this can get expensive very quickly. High end AD conversion along with great monitors (not just good) is a must to really get the most out of something like this, which is why you usually only see this type of stuff in expensive studios. Most dance musicians simply can't afford gear in this range (with a few exceptions).
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