Apom,
I haven't used that Iwata but it is a pretty good unit.
There are lots of choices in the price range you have given.
The Silentaire Scorpion 2 is also $179. and is a good unit:
http://www.dixieart.com/Silentaire_Scorpion_Compressors.html
Createx also markets a couple of compressors that are supposed to be good. The Intruder 2000 is the same price, looks nice and comes with a lot of goodies for the price:
http://www.dixieart.com/TC2000.html
Moving up in price is the Createx Stealth TC5000 which runs $269 from Dixie Art and comes with a 2.5 liter air tank and several other nice things like the Intruder 2000 comes with:
http://www.dixieart.com/Stealth_5000_Compressor_from_Createx.html
Next one up would be the Iwata Power Jet which runs $299 from Coast Airbrush:
http://www.coastairbrush.com/pages/74.html
It all boils down to what you want to spend really. All of these compressors should be of high quality since they are names that are well known in the airbrush world.
All of the above ones I mentioned are oiless and are fairly quiet.
According to my Airbrush Action compressor buying guide the noise levels are listed as follows:
Scorpion 1- 20db
Silentaire Scorpion 2 - 30db
Iwata Smart Jet IS-850 - 50 db
Iwata Power Jet - 55 db
The Createx compressors are only listed as "minimal" for decibles. so I don't know where they fit in.
The oil lubricated silent compressors are even better for long-life but they jump in price dramatically for the cheapest good ones.
You might keep your eye out at Ebay also as there are several good compressors for sale there every week from Badger, Iwata, Silentaire and a few others.
I hope this helps.
Mike
“Wisdom is the right use of knowledge. To know is not
to be wise. Many men know a great deal, and are all the greater fools
for it. There is no fool so great a fool as a knowing fool. But to know
how to use knowledge is to have wisdom. " Charles Spurgeon