Exposure compensation is really handy. I shoot in aperture priority a lot, so if my scene is not right i can tell my camera to do the calculations with different variables. The only better alternative would be if you can smell what settings you need. I once showed an image to pgriz, he could tell me exactly what aperture i was using without me telling him. That's the kind of instinct i'm talking about.
Trust me, Hamlet, it ain't instinct. I've been shooting film, slide, and now digital for over 50 years. If one approaches the technical side systematically, you can build up a mental projection of what a particular aperture at a given focal length will give you. This is no different from what athletes practice, to be able to place the ball, or the puck, or the projectile, at a specific point. I know a street shooter who uses a very nice Leica with a 35mm lens, who sets all the controls (aperture, shutter speed, focus point) without even looking at the camera, and who can very unobtrusively take well focused, well exposed and well composed images with the camera far away from his eyes. I am nowhere near his level of mastery of both the equipment, and of his ability to "read" the situation, and adjust accordingly. I know of another photographer, a freelance journalist, who makes studio-grade images with only about 10-20 seconds of prep time, much of it while he's moving from his car to wherever the shooting will take place. Both photographers have internalized the entire shooting process to the point that they think about it as much as they think about breathing or moving their feet. The fact that most of us get all hung up on the "right" lens, or the "right" exposure, or the "right" composition, just goes to show how little we actually understand this field.
If you can, join a club of photographers, hopefully one with a good mix of amateurs and professionals. Go on some shooting sessions with them, and watch them. Of course, the really good ones will make it look easy, and will get some really good shots with a minimum of fussing. They aren't thinking of the camera or lens or flash - but of where to place themselves to get the right perspective or the right moment. They work with the light, or make their own if nature doesn't cooperate. They focus on the moment, the emotion, the three seconds of good light, the peak action. The rest... happens without too much conscious thought from their part. I would like to be more like them. More practice.