I treat compliment just like I treat criticism. Both must be based on objective measure, non-generalizing, and without hidden intentions (critics to insult or compliments to lick ass).
I hate generalized compliment. If they don't have any better things to say, then just shut the fuck up. No need to sugar coat things. I'm not an insecure moron who needs compliment to validate my self-worth. I'm not a genius, but I'm intelligent enough to be able to measure and value myself objectively, without other people's validation and/or compliment. So when someone compliment me using a generalized compliment, or if they sugar coat things to deliver their message, I see that as an insult for my intelligence as well as self-contentment. I can see right through that, so just get to the point instead and stop wasting my time with bullshit compliments.
On the other hand, I appreciate compliment when I've done a good job. I don't demand it, but I know I deserve it. Saying 'thanks' is a part of the appreciation. That would be enough for me.
I agree with wicked queen! I always question people's motives as well. Maybe that's why compliments sometimes make me uncomfortable. Believe me, if I compliment its very genuine. I don't lie and say things I don't mean, so if I compliment then it's from the heart...
Most compliments, if I feel that they are true, I just think "yea I know", sometimes I say that out loud if I forget that I'm supposed to say "thanks".
If the compliment is not true, like if someone says I'm very carefree and spontaneous, knowing that I'm not like that I just assume that person does not know me and is judging me by... whatever it is. So I either just say "thanks" or explain to them why they are wrong, depending on how much I care about their opinion.