I have one from the same company, also purchased at Harbor Freight. It has the single 2 gallon tank, but they are probably about the same. I got it back in March of this year and so far it is working fine. It is not quite as loud as the one it replaced, which was a Campbell-Hausfield. I have mine in the garage with an air hose running the length of my house to my model room, so I rarely notice the noise.
It does seem to run a little funny sometimes, like it can't decide when to turn on or off, but it hasn't stopped completely yet. I also leave mine on all the time, so the air leaks out at some point and it will turn on to refill, which I am sure will shorten the service life. If you turn it on only when needed, it probably will last longer.
I got the 2 year service extension with it wihich was an extra 20 bucks I think so obviously I'm not worried too much about it breaking. If you do get it, definately go for the service/replacement plan.