If a compliment is warranted, I will absolutely say something to either gender. It makes me feel good having been nice to someone and my attitude is that a good word goes a long way in making someone's day just a little brighter. Idealistic perhaps, but I've never had a negative reaction when complimenting someone.
If I'm out walking my dog and someone compliments me on how beautiful or cute my dog is, I will always say thank you and return the compliment with a "have a nice day".
If a complete stranger has shoes or a piece of clothing such as a coat or dress to die for, I will let them know their shoes etc ... look fantastic.
We have taken political correctness too far I believe, as today, many people don't know how to perceive or take a compliment, often viewing the compliment as suspicious which is an absolute shame. I guess it's easier when the compliment is generated by a female and is followed with a big, wide smile.