Hmm.. well, I guess Massive and I don't really think that much about what we're doing 'cause it's just so intuitive to us having worked on A LOT of different mixes and sounds over the years.
I'll try to explain more in detail how I do it...
1. Decide on EXACTLY what you need to be done as a result:
If you just start \"playing around\" with the thing you will probably do more harm than good. Any time you feel you've lost track on EXACTLY what it is you're doing... STOP and rewind a bit. This is true for any type of processing you're doing. Making
informed decisions is your job!
2. Set up the frequency bands you need and disable the rest:
There is no reason to use all the bands just because they are there. The more bands you use, the more artifacts you will get.
3. Set-up your attack/release/ratio for the band in question:
Set up all the paramaters for what you \"think\" you will need. This is important since you will learn a lot faster. If you're working on high frequencies you must remember that high frequencies have a lot higher cycles/second by nature so you will be working with faster settings than with lower frequencies. Having an attack time of let's say 3ms while compressing low frequencies like 100Hz and below will give you a lot of distorsion as a starting point. Setting your attack and release times right is frequency and program dependent so it's very hard giving any good guidelines there. Once you know exactly what you need to be done and you've experimented enough with it, the answer will magically appear to you

. A tip is to get really good at setting up a normal broadband compressor first on a number of different sources and ask yourself why this works here, and not there etc... then everything will fall into place.
4. Adjust threshold for the type of effect you had in mind:
Set up your thr for the type of gainreduction/expansion you need and if it's necessary go back and fine-tune your parameters to get exactly what you needed.
5. Multiband - DO NOT's:
* NEVER audition/solo a single band over the rest. As soon as you do this your ears will start adjusting to the new program and when you un-solo it will sound strange to you no matter what you were doing. ALWAYS tweak settings while auditioning the entire spectrum.
* You do not want to use an MB to the point where you really start noticing a change in the sound, if it's not totally appropriate for the music that is. When you reach this point.. back of a bit. One of the biggest differences between pro-mastering engineers and beginners is that the pro's learned from a lot of experience how far you can take different processes before it starts hurting instead of helping.