Thinking I should invest in a decent compressor - advice

[seestheday]

I've been thinking that I should invest in a decent compressor.  Any advice on what would be best for a hobbyist for me?  I already have a cheap one I picked up for $30 used, but it's really only good for cleaning things and inflating tires.

There are some ones that seem decent on sale locally in the $120-$180 range, e.g: http://www.canadiantire.ca/AST/browse/6/Tools/1/CompressorsAirTools/Compressors.jsp

What should I be looking for?  Space is at a premium for me, so a big one just isn't going to work.  Ideally I'd get one that I can do a little painting with, and use other air tools to work on the bike.  What should I look for so I won't regret the decision and need to upgrade soon after?  Are those ~$150 compressors not worth it, or are they a good deal?

Any opinions on pancake vs. twin stack vs. horizonal vs. vertical?  I don't plan on moving it much, so the wheels seem kind of pointless to me.

[shinyribs]

If you planning on doing much painting an oilless compressor will prevent you from buying inline filters which can be pricey. Tank capacity is more important than recovery rate. You could always use the compressor you have and just series extra tanks to gain capacity. Of course that doesnt do much for your space concerns.....hang it from the ceiling!

[TOOLS1]

I would look into a 5 HP vertical compressor, but anything in the 30 gal/ 3 hp range should do fine.
TOOLS

[Piute]

   You take your chances on those Lil one's there great for the handy man thing but for real work ,there useless,can't keep up,I've always had & used Sears Craftsman's portable,there hundred bucks and you get what you pay for ,must be plugged in on it's own sercet or will blow breaker.I've had 3, 1 every 10 yr. I figure ,end up giving away cause get bigger on a deal.

    Now to do body work D.A.(dual action) sander/grinder takes most the air and if not a 2 stag only 1 person can work at a time ,You can't run a Flat-board & D.A. on single stag,you'll kill the compressor.
   Have used Dewaltt pancakes on roofing jobs can keep up with 2 roofing  nailers.

[robs750]

I have a 20 something year old Craftsman 5HP 220V 30 gal. horizontal.Works good for die grinders,rachets and impacts.
I also like it because I can fill the tank and roll it outside to fill tires.

[seestheday]

Shoot, it looks like I need a 30 gal tank unless I want to upgrade later.  That is just too big for the space I have right now, so I will probably need to get a small one and sell/upgrade later.

[Rick7r]

Dewalt makes this one.  i know its cost more but is much more versatile than most of the other middle middle ones.  I had bought a Cobalt for a little bit less with a large tank and somewhat regret it.  Because i only use the compressor once in a while so have to release the pressure after use to prevent moisture build up and rust.  but with a large tank it takes a while to refill with every use.  the dewalt is powerful enough to do most jobs even with a smaller tank.  

http://www.bing.com/shopping/d55146-heavy-duty-200-psi-4-5-gallon-electric-wheeled-portable/p/7DFA96286D6B33C96247?q=dewalt+air+compressor&lpq=dewalt%20air%20compressor&FORM=HURE