Noise was a consideration only for me personally - nothing like having a pancake compressor come on when you’re doing fine detail work and startle you.
Noise is a factor for me, just for personal comfort. I used to have a compressor up in the garage, with pipe fed into my basement workshop, with a regulator and airbrush adapter on the end of the pipe. But it eventually wore out, plus I always hated running upstairs to turn the compressor on and off at beginning and end of painting sessions. So I bought a cheap pancake 2 gallon compressor for the workshop- it was so loud I had to wear ear protection when using it. I finally bit the bullet and paid 140+ for an Iwata Silver Jet. Quiet! I can enjoy the music on the radio. It will ordinarily only put out a little over 20 psi with my airbrushes, but I find that adequate, as I spray in the range between 15 and 20 anyway.
I have had a Sparmax AC-100 (now replaced with the AC-101) for about 2 years. Paid around $180 at Hobby Lobby.
Noise level is important to me, and it is very quiet. (disclaimer, I don’t have a lot of varied experience with home/hobby compressors, there may be quieter ones out there.
Were I buying a compressor again, it would probably be the Sparmax TC620X that Bick mentioned, for the addition of the tank. I think the number may be slightly different now though.
1.) I use a Napa portable air tank plumbed with a regulator. I fill it up using my garage compressor. This enables me to have a quiet modeling session with occasional (weekly or so) fillups in the garage.
2.) Napa air tank $45, garage compressor $450 (if you count the garage compressor as a modeling purchase. I had bought it for working on my Jeep and for other jobs after I left the mechanic’s business.)