It may depend on how its limited. If you bump the limiter up the wave forms will always be huge, making the dynamics less present. Also if you have a high frequency and a low frequency playing at the same volumes the low frequency will always have a bigger wave form. In my opinion unless the track calls for it, limiting a lot can harm the track because you want those dynamics.
many commercial songs /dance songs these days are highly compressed,if you see the wave form of an orchestral piece itll have a lot of variation in the dynamic spectrum.in most popular songs these days they stay the same level almost through out with little headroom at most parts in the song.giving like a rectangular blockish look to the wave form.
I saw a lecture with George Massenberg and he mentioned how today we way over compress our mixes ... I feel we do slam them way too much .. however try and convince that to an A&R guy who says the mix is too quite on his macBook speakers !
I think the waves are for the frequenties: the light blue, high frequenties, blue, mid frequenties and dark blue, low frequenties.
I think if there are more different kind of frequenties the waveforms are bigger.