It depends on what you want to achieve. Tipically, turning deflate on won't add a very significant footprint to your CPU performance and if your website/s include large text files (html, js, css, etc.) it's likely to make an important difference in bandwidth usage and page loading times. Of course, if what you want is to reduce system load and don't care much for bandwidth, this wouldn't be the right choice for you.
Another option you might find useful is installing a lightweight web server/proxy like Nginx, lighttpd or Varnish (I personally prefer the first one), and serve compressed static content with that (leaving heavier Apache processes only to handle the dynamic content). That would also be likely to result in a better overall performance of your server. But, again, these all depends on your scenario, what's your website/web application like, and what you want to achieve.