I have no idea how this stacks up to the Disting MK4. Besides Reaktor and Max/MSP, I have no experience with any modular equipment.
You are along for the journey with me in my attempt to learn what a compressor is, and what makes one compressor different from another. Actually, that sounds like a good separate thread.
I’m not sure CV is the best name for what that is but I’ll explain it. A compressor basically passes the audio input to the output untouched except for a component that turns the signal down. Sometimes it’s a VCA, sometimes it’s a resistor, or other things. In my design it’s just an expression that is equivalent to a knob, basically. The CV out gives you access to this value to do weird things.
One weird thing I’ve done with the more full version of my compressor is attach the the inverse of the CV out to the ratio knob, so the harder the compressor works, the higher the ratio. This is similar to a Variety-Mu compressor. You can also feed this back to the attack and release, so the harder the compressor works, the faster the attack and release times. Lots of fun stuff! I suppose you could forgo the effect of the compressor entirely and use the CV as a smoothed meter to control different parameters. I’ve always wanted a reverb send that increases when my signal gets louder before I compress the signal. Now I have one!