I just got mine last week and after several days of using it I would say it's well worth the money spent.
It's runs the psi needle up to 35psi while not being used and it drops down to 10psi when in use. (Theres no storage tank on it.)
It's made in China (big surprise) and the brass fittings didn't have a taper to them so they wouldn't tighten down like you would expect.
What I used in the past was an air tank that I kept having to refill, and according to the gauge I had setup on it I ran around 25 psi while painting.
The 10psi from the compressor seems to have more air flow and I get much better results than from the tank. Seemed smoother if that makes sense. I was spraying MM gloss red acrylics using Tamiya thinner.
I would give it 4 out of 5 stars.
Just my 2 cents worth to anyone thinking of getting one.
http://www.harborfreight.com/cpi/ctaf/Displayitem.taf?itemnumber=92403