While I don't disagree with anything in this post, it would be more helpful to also make a recommendation on what IS a good compressor.
What is a good compressor ? Man there are SO many answers to that.
My personal compressor at this time is a 10 yr old Craftsman 25gal oiless. has served me well, and I haven't been nice to it. ( bought it new, and it was all I could afford and had room for when I bought it) I have a rebuild kit waiting for when it needs it, but I will upgrade to a larger unit at some point.
Ideally, oil lubricated belt drive pump with a low RPM 220v motor. ( more energy efficient and quiet)
IR compressors with the SS 3 and SS 5 pumps are very nice units, those pumps are very near 100% duty cycle, meaning they can run all day long. And they are priced reasonably, and can be found at good prices, and easily servicable if needed.
IN a pump, you want an CAST IRON cyl block, A totally Cast iron pump assy would be the better ticket.
Pumps with disc valves instead of reeds is a better choice, both work well, reeds will have a shorter service life ( how much shorter? The IR pumps reffered to above are reed valve)
Tanks have to meet certain legal specifications to be sold anyway, so there isn't much to worry about there.
If getting a 110v compressor, try to stay with a belt drive oil lube unit, the newer oiless are aimed at the "occasional" user who would be using it primarilly to inflate tires and the occasional date. They are cheaply made and are really not capable of hard use.
My Craftsman is barely large enough to handle what I do with it, it'll handle running a plasma cutter and stay just above the optimal pressure on a long cut, good enough for now. I bought it to run a 2" buffer/grinder wheel for cleaning gaskets when I rebuilt an engine 10 years ago, the home made job I had couldn't keep up ( I'll post pix of it soon, it is quite the contraption)
IF/when I'm ever able to build a garage, I will have one like these
http://www.eatoncompressor.com/page/page/504747.htm or similar.
Prefferably with a 2 stage pump.
I recently helped a friend pick out a compressor for his own uses, he doesn't have the room for a large unit, not anywhere flat for an oil lube pump to sit ands run. So I recommended this
http://www.homedepot.com/prel80HDUS...session.new=Yes&CNTKEY=misc/searchResults.jsp
It is oilless, and very portable and compact, easily rebuildable, and will do what he wants it to do. and it's NOT a vacuum cleaner motor pump.
I used to repair power tools, air compressors are sold by dozens of marketers, there are some nice ones out there, but by and large, the "cheap" ones are just that, CHEAP !
Dewalt, Hitatchi, Porter Cable ( some) are some of the better brands out, Lower end Campbell Hausfield is aimed at Joe average home owner, and last just about that long. House brands ( Husky, Kobalt) are rebedged from other makes, you need to learn the differances.