Most of the pressure reduction / seal should come from the pipe being
> cut off square and then butted firmly against the shoulder of the
> compression fitting, when the only leakage should then be at the
> molecular level, if at all.
Sorry, don't believe that for one moment. To get a decent face to face seal requires very careful machining. Which a pipe cutter doesn't achieve. It would also needs a firm contact between the faces. Tightening a compression fitting doesn't necessarily achieve this.
The olive compression then acts as a last resort.
> If, however, the olive is being used as the only seal, then you're
> asking for difficulty.
There is absolutely no problem getting a compression fitting to seal where the pipe end has been cut other than square - as would likely happen if a hacksaw was involved.
The pipe does need to be clean and scratch free where the olive fits, though.