reyup..
if I understand your question right, you are asking if limiters just cut off the signal above a certain level (you call this "square", the correct word is "clipping"), or if they perform soft clipping (you call this "rounds"). Is this right?
NAD amplifiers have a soft clipping circuit, not a peak limiter! On an oscilloscope soft clipping looks a bit like analogue tape driven into saturation. This means, only the peaks of the waveform are being compressed.
A limiter reduces the overall signal gain when clipping is about to appear and then increases gain
slowly up to the original value if no further signal peaks will clip. It is like turning the volume button down when you hear a clipped signal and the turning it slowly up again, waiting for the next clipped peak.
hrmmm, this post seems not more understandable to me than the question