Most plugins used in music software do take that approach. Where the plugin interfaces are modelled to look 'like hardware' in most cases, with nobs, sliders, all the things you'd expect on a hardware compressor / synth etc.
I like it.
I like it.
I want actual physical knobs.not sure what that would be called. Potentiometers?
Particularly if one thing affects another in a ripple-effect or chain reaction. It is great to be able to adjust at least two values at once. Keeps you from going back-and-forth adjusting in ever smaller increments to get to the settings you want.
generally most want to have a knob they can adjust and not worry about the underlying value. It's in line with the philosophy of tweaking settings and not using your eyes to judge if its in the right position.