I think compact-or-standard is one of the least important choices when it comes to bike setup. So yes, it is discussed too much (as some posters have pointed out).

First of all, it doesn't affect fit or position, whereas things like frame size, stem length, crank length, saddle type, etc. all do.

Second, the gearing you can get with compact, can also be gotten by switching cassettes (approximately). Most people have extra cassettes lying around--if you don't like your current gearing, play around with those.

So in my opinion, purchasing a new crankset to replace a perfectly-fine old crankset ONLY to switch from standard to compact is simply not worth the money.

That said, when you buy a new bike and are offered the choice between standard and compact, you should make an informed choice. I personally like compact, because with a small cassette (11-21) it provides a set of gears that fits my riding style and the terrain where I live.