I don't have a home compressor, but do trade off maintenance of the one at work with a few other people.
Ours supplies air all over the building, and some high dollar and sensitive stuff depends on it. The single biggest use is the NMR spectrometers, but there are a few FT-IRs that get a constant purge of air and I also sporadically run both an atomic absorbance spectrophotometer and a GC-FID on house air. We use an in-line refrigerated dryer between the compressor and the tank, have water and hydrocarbon scrubbers centralized(away from the compressor room). My FT-IRs also have an indicating mol sieve trap feeding into them(and have silica gel dessicant packs on the bench) and I run an activated carbon scrubber on the GC. The GC final scrubber is more for my own sanity, as residual hydrocarbons(both from oil and from methane in the air) raise the baseline and lower sensitivity, while water can wreck the salt optics in FT-IR in pretty short order(that's several thousand dollars to fix in a best case scenario).
In any case, the main tank is actually original to the building from the early 1980s, but gets periodically tested and is still structurally sound because it is meticulously maintained. The compressor is only a few years old. Someone(rotating schedule) drains the water from the tank at least once a week, although the refrigerated dryer means we barely get more than a quick spray when it's opened. Last summer, the dryer was down for a few weeks, and the amount of water was brutal-we vented and completely drained the tank weekly then.
I worked in another lab building years ago that had air plumbed to the benchtops, but nothing delicate running on it. I also never could get physical plant to drain it or at least unlock the compressor room so I could do it myself. I seriously doubt that compressor had been touched in 20 years or better at the time, although it still churned away. Opening a bench tap(which was 3 floors up from the compressor) could get a 20 ft. long spray of brown aerosolized water. More than once, I was able to get a single bench tap working well enough for a week or two-my usual procedure was to actually take a long(~30 ft) piece of Tygon tubing, hook one end up to the tap, and run the other end out the window. I'd then turn it on and just let it blast for a half hour or so. Don't let your compressor get like that! I was afraid the tank was going to go boom one day...