From here:
Sometimes the Compatibility View
  button isn’t displayed.
The button is located on the address
  bar next to the ‘stop’ and ‘refresh’
  buttons. There are a few cases where
  there’s no action for a user take and,
  thus, the Compatibility View button
  will not show:
If you're viewing an
  internal-to-Internet Explorer page
  (such as about:InPrivate)
If you're viewing a page that has declared it's
  "ready" for Internet Explorer 8
  through use of the versioning 
  tag / HTTP header (it doesn’t matter
  if this tag triggers Quirks, IE7
  Standards, or IE8 Standards, the
  button won’t be displayed)
If you're viewing an intranet page and you have
  the ‘Display intranet sites in
  Compatibility View’ checkbox selected 
  If you're viewing any webpage and you
  have the ‘Display all websites in
  Compatibility View’ checkbox selected 
If you're viewing a webpage that is
  included on the Microsoft-supplied
  compatibility view updates list and
  you have the ‘Include updated website
  lists from Microsoft’ checkbox
  selected
If you've toggled either the
  ‘Document Mode’ or ‘Browser Mode’
  settings via the Developer Toolbar
So you're probably after the versioning tag / HTTP header which is described in more details in that blog post and over here.