Server Backup: pg_dump vs pg_dumpall

Hey,

I'm writing a backup script. Right now, I only have one database on my
postgresql server. I'm deciding if I should use pg_dump or pg_dumpall when
backing up the server. As far as I can tell, pg_dumpall cannot compress the
dumps automatically and it only dumps data in the standard SQL text file
format. This means that I would not be able to use pg_restore to selectively
restore the database, correct?

What is *NOT* included in a pg_dump that IS in pg_dumpall (Other than all
the databases)? Things like user-defined functions and datatypes? Roles?
Views?

I was leaning towards pg_dumpall, but then I realized that it only dumps in
the standard SQL text file format, and it cannot be compressed
automatically.

Thanks for any advice.