Former definition:

EQ/Gain/Dynamics processing and manipulation of an 'albums' 2 track mixdown files for use on a compilation presentation of multiple recordings.

Today's home recordist definition:
Final 2-track mixdown EQ/Gain/Dynamics processing for the final form of the single 2-track recording. Often done with a 'mastering' plugin.

There are some similarities.

In the former, it was/is done by someone that specialized in that task. Think Bob Katz, for example. Yes, you've almost assuredly seen his name on some huge album from the 80's-present. Does he mix? No. He has two track files/tapes sent to him. He works exclusively in 2 track. Think of him as the guy who does final prep on a new automobile at the dealership before delivery to you the customer. Except way more specialized and outfitted with a set of those golden ears.

In the latter, it's often the repair work that some multi-band EQ/dynamics processing can do for a poorly EQ'ed two-track.

The DAW software I use comes bundled with a plugin called 'Final Mix'. It's the same plugin that Mackie sells for their big DSP-enabled recording consoles (not sure how many studios actually use these) There's probably 50 presets and doggone it, if they don't do what they say that do (like Country Mix) - they are really interesting to study how they accomplished. When Musician's Friend was blowing out Tracktion, several folks here bought it and I believe many of them use Final Mix for this second purpose.

Some call it a crutch. I call it a time saver for allowing me to work on composition.

Another popular 'mastering' plugin is Ozone, similarly equipped with useful presets.

If you look at Katz' setup, you'll see all manner of EQ and dynamics processors around, but I don't think you'll see a mixing board.

-Scott

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