If I can assume that if you're looking at the Chameleon Labs 7802 that you have some experience with compression, then you won't have any problems with using the 7802. If I can't, as long as you do some research on the basic compression parameters, everything should fall into place easily while using the 7802. Each of the two channels has parameters for compression, attack/release, drive, and output. It also has a switch for choosing either a 2:1 or 4:1 ratio. In addition it has high pass filter and a bypass switch for each of the channels.
While the sound of the Chameleon Labs 7802 teeters on being professional, I'd say that for most applications it will fall on the good side of things. It is a great compressor for drums and electric guitar, but will work for just about anything that you might want to use with compression. Having the drive parameter is something that is pretty unique for a compressor, but is one that is quite welcome as it makes for some awesome use of drive on things like guitars and vocals...
Without a doubt, the best thing about the Chameleon Labs 7802 is the price. This is the type of price that you would expect to see for a single channel compressor of this type, not for two. For this reason I think it is the perfect set of compressors for the home studio owner. While it certainly wouldn't seem out of place for a professional, overall I'd say it fits more in the line for the home studio owner looking for a great sounding stereo compressor at an awesome price.