agree there - with those cheap impact guns, you'll find yourself reaching for the breaker bar more often than the impact gun.
Sure it's nice to zip nuts/lug nuts on and off quickly - but if you have to loosen half of them first with a socket wrench anyways... it's kind of pointless.
I think you'll find that unless you're using it constantly - it's hardly worth firing up that noisy compressor, waiting several minutes for the pressure to build, dragging out the air line, oiling your gun if you don't have an oiler, just to take some lug nuts or bolts out "quickly" - followed by noisy draining of the compressor when youre done...
with moisture trap and another regulator you can run an hvlp gun for painting.
A dual action sander or die grinder will run, but you'll have to stop constantly to let the compressor catch up.
forget any kind of sandblasting.
an air wrench would run ok - however - I personally never use one because most bolts I remove are frozen too solidly (see comment on impact wrench) think you'd probably find the same.
So it's usefulness is limited
On the other hand, I think every man needs a compressor and ANYTHING is better than nothing - so that makes the question easier.
You'd most certainly be happier spending a more now larger, quiter, faster one without a doubt. But if that's not in the budget - then so be it.
You need a compressor - you can't be out there filling tires with a bicycle pump.
maintain this one well, you can always sell it in the future when you're ready to move on.