OP, what do you think you are going to do with the compressor?
I still have my first compressor. It was an Emglow-DeWalt 4 gallon twin tank thing. It produced about 4 CFM at 90 psi so decent for a 110V model. It was good for filling tires (nice that it would get to full pressure from zero in just over a minute) and running my impact wrench (IR 231). It was so-so with the air gun and not good with the cut off wheel. That said, it's been around for almost 20 years. It doesn't take a "high quality" compressor to last 20 years if treated right
and used within its limits.
The first question to ask is what do you think you are going to do with it? If you are a light user an oil free compressor will last many years. If you are a heavy user you might find that many "pro" oil lubed compressors can't handle long days of near 100% duty cycle.
OK, as I see it you have kind of three compressors a home shop user might get. You have the range of 120V models. Typically 30 gallons or less, 6 CFM or less at 90 psi. Some are really cheap (like the 8 gallon Husky I picked up for $40 the other day). Others are rather pricey (one of the belt drive, oil lubed 20-30 gallon models).
Next you have the 60 gallon, "3 hp" (230V, 15 A) compressors. These ar.e typically 10-12 CFM at 90, single stage models. Not long ago people were finding these new for under $400, now more like $450-500. They are almost certainly going to be enough for any home user. They have a chance with some light painting and sand blasting jobs but you might have to wait on the tank. These are typically single stange.
Finally we have the 80 gallon, "5hp" (typically 230V 16-22 amps). 12-17 CFM, frequently 2 stage. These are $800-$1600. Above $1600 you are getting into better what might be considered more professional models with higher duty cycles, auto drains, mag starters etc.
I don't agree that pump CFM is all that matters. If you are doing sand blasting or sanding, yes, pump CFM is the magic number. Conversely, with an impact wrench you often are using just short bursts of high flow so tank volume is all that matters. To some extent tank does make up for a lower CFM pump and the reverse can also be true.
Do consider your power source (do you have 230V, how many Amps is that service?). Also consider how you want to move air around (just a hose from the compressor or a plumed shop with regulators at the drops, dryers and filters for painting). New, I think the best thing is either go new cheap ($100-150, ~10 gallon tanks), mid range (15A, 230V) or perhaps used 80 gallon (often under $500 in good shape used). When buying new it's easy to suggest the "3hp" 60 gallon stuff vs the 80 since we are talking 2x the price. Used, I suspect some waiting will find a decent 80 gallon, 16-22 A "5hp" for about $400-500. Also, if you aren't in a hurry consider getting a cheap compressor to hold you over until you find a deal on a good one.
Since I'm somewhat curious I picked up one of these for $40
http://www.ebay.com/itm/Husky-0300813A-8-Gal-Portable-Oil-Free-Electric-Air-Compressor/252642448343
No doubt it was built to a price point but it does work. Really the biggest thing it needs is a quiet intake muffler. For $40 it wouldn't have to last long to be worth it and at that price I can sell it when I'm done and really not be out any money. A used, cheap compressor might be enough to hold you until a good deal comes around.
best jump on it buddy, it won't last long. 
