I agree with Vinny on this - I currently have a small 1.5 horse compressor in the basement w/a 20 gal tank (it has to be portable - I use it at the airport when I'm working on 1 to 1 aircraft in someones hanger) - in the basement when it's running, it is noticable but not irriatating. Up stairs, its noticable but it won't wake you up if you leave it on and it starts.
However, if you live in an apartment, or live at home and want to use it in your room, the compressor you are looking at will probably work fine. If I bought it to use, I would also buy a small tank like you get at an auto supply store to fill tires, remove the regulater from the compressor, run a short piece of hose to one side of a T-fitting installed in the air outlet of the tank and hook the regulator to the other side of the T-fitting. Then when I wanted to paint, I would run the airpressure in the tank up to 90 or 100 psi, shut off the compressor and start painting. When the pressure pressure in the tank drops to say 20 or 25 psi, would turn on the compressor and run the pressure back up.
And on a side note, I've noticed that there is a big difference in the amount of noise a regular aircompressor generates when it is on a concrete floor rather than a wooden one
And Welcome to the forum