Can't see why you shouldn't try one...
I bought and installed a Ritchey WCS compact a couple of weeks ago, replacing my 105 53/39 and still using the existing BB and front derailleur.
Alfred E. Bike have it for $125.99. I price matched at Performance and applied a $20 off coupon... bargain!
I much prefered the shifting and q-factor of a double when I was buying my roadie, but wanted some lower gears for some of the climbs around here. The 34-27 is an great low climbing gear - low enough that I don't actually use it all that much. 50-12 is still plenty high enough for 50mph descents.