Some very old guitars, Weissenborns and a few others used a piece of fret wire for a saddle,
You'll find that on some budget guitars from the 50's and 60's as well. I've got a Stella set up that way. It works, sort of. I wouldn't recommend it.
Compensation: For me is a must. Strings aren't perfect, but you can make them play much more in-tune with a compensated saddle.