ITUNESCOMPILATION???+ itunes library help!

Hey there.
I am using MP3Tag for a while and i am really grateful that i have found that little gem.
I am confused and i would love to have your help.
I am really confused on how my compliations work inside itunes.
I want to keep my itunes library clean and error-free so i have decided to rebuild it, but i am confused about the ITUNESCOMPILATION value.
If i put in that tag the value "1" will it work or it needs other value?
I have read somewhere that in the 8+ version of itunes that tag has been replaced by a BAND??? tag?
I did a little research in my library but i cannot understand how itunes keeps compilations.
In one compilation there is the ITUNESCOMPILATION tag and in others the BAND tag.
But those compilations aren't from a specific BAND.!!!#%^&!!
And sth more:
Is there anything else (tag or whatever) i should keep under consideration or special attention to have a clean and organised itunes library???

Any help is welcomed.
Thanks a lot in advance.
Sorry if that's re-asked but i have searched and couldn't find anything.

in mp3tag, make sure your compilations albums have the ITUNESCOMPILATION tag set to "1" and itunes will recognize these as compilations. I can't recall but "band" tag may be used by itunes as "album artist". But this is independent of the itunescompilation tag being set to "1".

Thanks a lot my friend.
Is there anything else to keep an eye on?(concerning itunes library)