If that's all you want it for, it'll be fine.
Compressor 101:
You DON'T care about horsepower... Even if you did, it's always an overrated lie.
There's only one spec you care about: CFM @ 90PSI. How much air (cubic feet per minute) it can pump at the 90PSI setting you're supposed to use with your tools, is all that really matters.
A compressor from 2-4 CFM will air tires and run air tools in short bursts. 5-7 (wheeled uprights like that one) will run an impact wrench and other low volume tools just fine.
8-12 (The 5' tall upright tanks w/o wheels, running 220v) will run larger volume tools like die grinders very well, and will let you run anyhting but the biggest air hogs (like sanders and spray guns) pretty much indefinitely.
You will ocasionally have to stop to wait for the tank to refill to run an impact gun on that compressor, and a grinder will empty the tank in under a minute... but if you can live with that, it'll be fine for you.
Something else to think about is that good impacts are actually superior on cheap compressors to weaker ones. A gun like the one in that picture may have trouble removing really tight lugnuts unless you turn the regulator up wide-open and wait for the tank to be completely full. A Nitro Cat or IR Titanium will have more power at 50PSI than that one does with full pressure, and might have backed it out just fine without having to wait for the tank to be completely full.
