The biggest benefit of compound sets, is you can keep the rest periods short and still be well enough rested to keep teh intensity up. That is while you are working the opposing muscle the other muscle gets a longer rest. So if you are resting 1 minute between sets and a set takes about 1 minute, each muscle gets 3 minutes of rest before being used again. I routinely compound set bench press and bent row, military press and chins, leg extension and leg curls, leg press and stiff legged deadlift, curls and triceps extension, etc. That way I can get a lot of sets in a 45 minute session and still be able to keep the intensity level up and not have it become a mainly aerobic session (which is what happens if you don't rest long enough between sets and reduce the weight used on each exercise to compensate).
Superset are good to use occasionally to get a little extra burn in a particular muscle. I like to do a compound exercise followed by an isolation exercise (bench press/flyes, barbell curls/preacher curls, chins/preacher curls, military press/lateral raises, chins/pull downs, leg press/leg extension, etc.).
I also do a "giant set" sometimes with calf raises, leg raises, abductor machine,adductor machine, hyperextensions, ab twist machine, with no rest between sets. Two cycles through those exercises at the end of a lower body workout hits all those little muscle groups, that often get neglected, with out taking up a lot of time, and it adds some good aerobic benefits to your weight session as well.