I work in printing and we use a 25 gallon tank compressor to power
some components on the press. Most notably the printing rollers that
deliver the ink to the impression blanket. We bought a new compressor 10
years ago and it's been sitting in its corner keeping the pressure up
for all that time. In fact, the only time it's been turned off is when
they swap out the rollers, which is sometimes six months apart, or when
the power is off. The pressmen are supposed to drain the tank weekly,
but if they remember to do it every other month I would be surprised. So
far no explosions, and not a heck of a lot of water. I use a 3 gallon compressor, myself and if I drain the tank every six months I'm lucky (note to self DRAIN THE TANK TODAY). but then I release the air after use, so there isn't much risk of water in the first place.
The person
who made the ticking time bomb claim is more at risk from a fire caused
by the T-shirts spontaneously combusting, than from the tank exploding. Legal beagles are always lurking ready to pounce on the unsuspecting manufacturer that doesn't plaster their product with warning labels. My favorite has always been the hair dryer with the warning not to use in the bath.
I've also watched a show on cable called "Deconstruction" where they were testing the safety limits of various tools. One was dropping a filled 3 gallon tanked compressor from a third story balcony onto a bed of nails. One of the nails punctured the tank and the tank went HISS, not boom. Another was to see what happens when you chop an air hose while connected to a 125 psi compressor. Again with the HISS, though there was a little danger from the whipping hose as it quickly lost pressure.
Put the comment firmly into the paranoia column, but as Gerald says, drain the tank weekly (outside!) and try to remember to turn it off. Oh, and keep knives away from it. Hoses can get expensive.