That particular airbrush and compressor has been given a pretty poor review by many people on these forums. I looked at it myself and thought it was pretty cheap.
If you're budget restricted (as many of us are!) check out these suggestions:
Single Action Airbrushes:
200-20 setPaasche H complete setDual Action Airbrushes:
Iwata Revolution seriesBadger 150 SetBadger 100LGBadger 155 AnthemPaasche VLThere are of course variations upon each of those airbrushes that have their own selling points, but any of these ABs will last years and give great results.
Compressors:
Harbor Freight 30PSIAirbrush CityThere are many
different compressors, but the two above offer great value for low dollar. There are other manufacturers and certainly more expensive compressors out there, as well as CO2 tanks.
Good Luck and Happy Hunting!