I just bought this yesterday, partly because of decent reviews and an interest in Leon Russell, and having played a few tracks in the car and then on my hifi, I thought it sounded pretty good.
Sonically, I thought it was okay. Musically, I love the track with Neil Young singing a verse. I didn't get through it all though, the aforementioned track made me want to give Le Noise a blast.
I'll give the Elton&Leon CD another spin tonight, with my ears primed for the "terribly compressed" sounds. You may be right Matthew, and maybe my ears are just too full of wax and Sufjan to notice.