Today, we were mastering some tracks for a Rock album on ProTools. There were about 4 different EQ plug-ins that were being used. The same plug-ins were used for each of 11 tracks, but each one tweaked for each individual track, but not by much. More plug-ins will be used later for the master mix.
We also edited a acoustic guitar track to make it shorter. The guitarist, a friend of Michael's, had a recording of just over 4 minutes he wanted shorted. He had no specific requirements. Because of the changing tempo throughout the song, it was difficult to find parts to cut out. We managed to cut about 30 seconds out in the end.
The good rule of thumb when applying effects is when recording, compression should be done before EQ. When mastering, EQ should be done before compression.
With regards to other DAW's, Logic is better for sequencing and MIDI. Ableton and Reason are more consumer-oriented. ProTools is the best for digital audio recording. DigiPerformer by MOTU is another alternative to ProTools and Logic.
TDM plug-ins are the card type and are made by different manufacturers. WAVES makes some good ones. ProTools is introducing another card type plug-in called AAX, which is proprietary. There is some speculation that ProTools will drop TDM compatibility for AAX, a move that would certainly upset both customers and plug-in manufacturers.