Three important aspects for the assessment of the possibilities of Large Eddy Simulation (LES) of compressible flow are investigated. In particular the magnitude of all subgrid-terms, the role of the discretization errors and the correlation of the turbulent stress tensor with several subgrid-models are studied. The basis of the investigation is a Direct Numerical Simulation (DNS) of the two- and three-dimensional compressible mixing layer, using a finite volume method on a sufficiently fine grid. With respect to the first aspect, the exact filtered Navier-Stokes equations are derived and all terms are classified according to their order of magnitude. It is found that the pressure dilatation subgrid-term in the filtered energy equation, whi...