You are correct hank. EG R13 compressed 1" equals R11.
http://www2.owenscorning.com/literature/pdfs/10017857%20Building%20Insul%20Compressed%20R-Value%20Chart%20Tech%20Bulletin.pdf
The only thing good that could be said about compressed fiberglass is that it would probably be more effective against stopping drafts. But fiberglass insulation is not supposed to stop drafts. That job is for different materials like the outer skin or in a house the house wrap. Compressed fiberglass is still better than nothing, but compressing it moves its value closer to nothing.