[quote author="gyraf"]No. BJT's are "one-way" devices, the trick with FET's is that they - for low levels - are two-way devices. Jakob E.[/quote]
In theory you are right, and looking at "high quality" applications, you're right in practice as well.
But actually it has been done - using BJTs as voltage controlled resistors for AC signals - in Synthesizer circuits. They are not exactly the most linear things, they have high CV feedthru, and the nonlinearity isn't even symmetrical. And yet you can build an Audio VCA from just a resistor and a single BJT acting as voltage controlled resistor.
Korg has used (probably pioneered?) this method early, and later Roland followed.
I've built a synthesizer inspired by these Korg circuits last year. It has 50 VCAs, each built around a single BJT Voltage controlled resistors.
And as there was a question about diodes: It also has 50 even more simple VCAs based on a single diode in voltage controlled resistor mode.
As I said, this is only remotely related to studio stuff, but it gives a good overview over the "quality" of different ways to create a VCA (or VCR) function:
For Resonance control (where no rapid change of control voltage is needed), a single diode is used.
For VCA of each synthesizer voice (where rather distortion is tolerable, and where intermodulation between different tones won't occur), a single BJT is used.
But for the VCA and VC mix functions that work on all voices together (i.e. on complex music signals), LDRs / Vactrols are used, just like in these optoelectronic compressors.
It was great fun building this, but I still don't really understand *how* the BJT works as a two-way (AC) voltage controlled resistor.
http://www.oldcrows.net/~jhaible/polykorg/jh_polykorg_clone.html
JH.