I bought an ingersoll rand 60 gallon that had a toasted motor. I bought one of the harbor freight compressor duty motors on sale for $100. Everything seemed ok, but the compressor pump was worn out and it didn't build pressure quickly. So, I sold the whole deal.
Anyway, the chicom motor seemed fine but I didnt' keep it long enought to really find out how long it would last. If I'm not mistaken, the motor that was shipped to me was an Emerson.
If you can find a good Baldor, like BMW suggested, it would be your best bet. It would be nice to know just HOW good the compressor is before you dropped the jack into a Baldor. Regardless, the Champion brand is top notch and I'm sure the compressor could be rebuilt in a worse case scenerio. $150 for a Champion- like was said, if the take is good etc.- is a great deal...
edit:
http://www.tractorsupply.com/detail.asp?pcID=2&paID=1017&sonID=432&page=1&productID=18037