I recently moved over to air, I just use the portable compressor for most work so the compressor noise isn't an issue (some air tools can be loud though), and the electric bill doesn't change just because you went from an electric drill motor to an electric compressor motor, you're still turning the same drill bit, energy in, energy out. If anything, a compressor is a more efficient way to store energy, but in the real world the difference is negligible. I find that the tools themselves are smaller and lighter, and I prefer the steel construction to the plastic of electric tools. The air tools fit all in one roll cab drawer while the cases for the electric tools took up an entire shelf of the same footprint.
Electric tools are convenient, you have to consider whether you can just run an air line from the garage into the house if you needed to, or if you don't mind putting the portable compressor in the truck to do something at a friend's house.
As for carcinogenic air tool oil, if you're doing any work with power tools at all, you've already breathed in, processed out, and been cut worse than any oil could harm you. There is a reason mechanics wear rubber gloves and body men wear paper masks for sanding and solvent filters for painting, use your head, but know that we'd never get anything done if we completely protected ourselves from all the chemicals we need to work with. Grease is a badge of honor! And it gets the women all uppity.