I have the 150, and it's a fine airbrush. For a beginner it's fabulous. I know this for a fact, because I are one!
I actually have two of them, one with the fine needle and one with the medium. Luckily the ends are slightly different, or I would have a hard time telling them apart! I only have the second AB because a friend gave it to me.
At some point in the future I will also get a gravity feed brush as they are supposed to be a bit better for fine lines and control, or so some say. I doubt there is very much that can't be done with the 150, but I can see how a gravity feed can have finer control.
The testors blue compressor would be fine with any AB, but for the money (or not too much more) you can buy better ones. http://www.badger-airbrush.com/garagesale.htm has a very nice compressor for $99. They are not always in stock, though.
Looking at Badgers garage sale page just now, there is a pretty nice Vega 2000 double action brush on for $45! That's a pretty good price. It's basically the 150 with the cutaway handle on it. If they both the compressor and AB in stock you can be up and airbrushing for $144 plus taxes and shipping.