JCon,
If you are going to use the compressor for more than just airbrushing, then you might as well get an industrial air compressor. Right now I'm using 110V, 3/4 hp oilless compressor rated @ 2 CFM @ 90 psi. Its mounted on a 7 gal tank (but I've increased the reservoir capacity to about 50 gal by plumbing in extra tanks). Works great for airbrushing, but when I hook up my orbital sander, I'm in for a long day (it needs 90 cfm). It only takes about 10 minutes max to lower the air pressure low enough for the sander to quit working and takes 20 to 30 minutes for pressure to build back up (and the compressor is rapidly wearing out).
Have you considered putting the compressor somplace other than in the house? If you have a garage or shed attached or near the house you might consider putting the compressor there. Plumb it to the locations you want with pvc pipe. Works great and can be installed with simple hand tools. (DIY project) My compressor is currently in the basement and I installed 1" pvc pipe to three locations and out to the carport (including moisture traps) and had it all up and running in less than a day. When I upgrade, the compressor will go into the shed at the end of the carport (which wasn't wired until a week ago) and put the on/off switch in the basement.
Another question. Do you really need a brand new compressor? If you check your Yellow Pages I'm relatively sure you can find a supplier who can supply you with a perfectly good used compressor (some even with a warrenty) for a lot less than a new one will cost you. Also (if you live in or near a fair sized city) check the Classified pages of the local paper.
Hope I have given you some food for thought, let us know what you decide.